Member Of Bank Fraud Conspiracy Admits Role In Multimillion-Dollar Loan Scheme
NEWARK, N.J. – A New York man today admitted participating in a scheme that involved the creation of false documentation to secure over $4 million in bank loans, U.S. Attorney Craig Carpenito announced.
Raymundo Torres, 35, of New York City, pleaded guilty before U.S. District Judge Kevin McNulty to an information charging him with one count of conspiracy to commit bank fraud.
According to documents filed in this case and statements made in court:
Between March 2016 and May 2018, Cash Flow Partners LLC, a business consulting firm with offices in New York and New Jersey, released internet advertisements and held seminars offering to assist customers in obtaining bank loans, including loans insured by the Federal Deposit Insurance Corporation (FDIC). When customers submitted documentation supporting their bank loan applications to Cash Flow Partners, Torres and others created false documentation to make customers’ loan applications appear more financially viable than they actually were. Employees at Cash Flow Partners falsified payroll records by including fictitious financial and employment information, such as fake jobs, on template payroll forms and IRS tax forms. Victim banks sustained losses of over $4 million.
The conspiracy to commit bank fraud charge carries a maximum potential penalty of 30 years in prison and a $1 million fine. Sentencing is scheduled for Jan. 8, 2020.
Individuals who believe they may have information about this case may contact the FBI at 1-800-CALL-FBI (225-5324).
U.S. Attorney Carpenito credited special agents of the FDIC-Office of the Inspector General (FDIC-OIG), under the direction of Special Agent in Charge Patricia Tarasca in New York, and special agents of the FBI, under the direction of Special Agent in Charge Gregory W. Ehrie in Newark, with the investigation leading to today’s guilty plea.
The government is represented by Assistant U.S. Attorneys Stephen Ferketic of the Opioids Unit and Ari B. Fontecchio of the U.S. Attorney’s Office Economic Crimes Unit in Newark.
Defense counsel: Joshua P. Cohn Esq., Saddle Brook, New Jersey