In a shocking turn of events, Cesar Mendez, a 49-year-old man from New York City, has admitted to participating in a massive loan scheme that left victim banks with over $4 million in losses.
According to documents filed in the case, between March 2016 and September 2019, Cash Flow Partners LLC, a business consulting firm with offices in New York and New Jersey, released internet advertisements and held seminars promising to help customers secure bank loans, including those insured by the Federal Deposit Insurance Corporation (FDIC).
However, when customers submitted documentation to support their loan applications, Mendez and his co-conspirators created false documentation to make the applications appear more financially viable than they actually were.
As a result, victim banks suffered significant losses, with the total amount being over $4 million.
Mendez pleaded guilty by videoconference before U.S. District Judge Kevin McNulty to one count of conspiracy to commit bank fraud. His co-conspirators, Edward Espinal, Gladys Collins, Jennie Frias, and Raymundo Torres, have previously pleaded guilty to charges relating to their role in the scheme.
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 November 1, 2021.
Those who believe they may have information about this case can contact the FBI at 1-800-CALL-FBI (225-5324).
Related Federal Cases
- Michael P. Klekamp, Bank Fraud, Virginia 2024 · New York
- Katherine Grobes, Wire Fraud Conspiracy, VA 2024 · Virginia
- Derrell Lee, Identity Theft and Bank Fraud, VT 2024 · Washington
- Michael Conway, Wire Fraud, New Jersey 2016 · Pennsylvania
- Nathan L. Wallace, Bank Robbery, New Jersey 2024 · Pennsylvania
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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