03-22-04 -- Almonte, Hebba -- Guilty Plea -- News Release

Commerce Bank Loan Officer Admits $578,000 Fraud

NEWARK - A loan officer at a Ramsey branch of Commerce Bank pleaded guilty today to committing $578,000 in loan fraud by approving loans to phantom customers, one dead person, her mother in Egypt and other individuals, U.S. Attorney Christopher J. Christie announced.

Hebba Almonte, 27, of Wanaque, admitted approving 22 fraudulent consumer and auto loans of between $5,000 and $50,000, leading to a loss of $542,645 to Commerce Bank. In some cases, Almonte and others involved in the scheme made periodic loan payments to further the fraud and conceal it from the bank.

Almonte pleaded guilty in a non-cooperating plea agreement with the government. The investigation is continuing.

Almonte pleaded guilty before U.S. District Judge Katharine S. Hayden to a one-count Information charging bank fraud, which carries a maximum sentence of 30 years in prison and a maximum fine equal to the greatest of $1 million or twice the pecuniary gain to persons involved in the fraud or twice the loss sustained by any victims.

Judge Hayden scheduled sentencing for June 24. Judge Hayden allowed Almonte to remain free on a $25,000 personal recognizance bond pending sentencing. She was also ordered to surrender Egyptian and U.S. passports.

Almonte admitted that she committed the loan fraud between March 2002 and January 2003. Among the loans she approved were four, ranging between $20,000 and $35,000, under the name S. Gmourad who, Almonte admitted, is her mother in Egypt who had no knowledge of the loans. Almonte admitted taking the funds for her personal use.

Four other materially false loans were approved by her on behalf of an individual named Mohamad Alkhawam. Almonte admitted that Alkhawam's loans were submitted in the names of his father, his deceased mother and an alias. Automobiles pledged as collateral for those loans were not owned by Alkhawam, she admitted.

Numerous other loans were submitted and approved by her for other individuals, as well as for non-existent individuals, or nominees.

Christie credited Special Agents of the FBI, under the direction of Special Agent in Charge Joseph Billy, Jr., with bringing the case against Almonte.

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Defense counsel: Anthony Fusco Jr. Passaic