Chad Brown, 21, of Orange, New Jersey, admitted today to his central role in a $1.5 million bank fraud scheme that targeted two New Jersey financial institutions through a web of deception, stolen identities, and impersonation of bank staff.
Brown pleaded guilty before U.S. District Judge William J. Martini in Newark federal court to one count of bank fraud conspiracy. The charge carries a maximum penalty of 30 years in prison and a $1 million fine, or twice the gross gain or loss from the offense. Sentencing is scheduled for May 15, 2018.
From September 2015 through May 2017, Brown and co-conspirators obtained sensitive customer data—including bank account numbers, personal identification numbers, and at times, physical debit cards—from accounts held at the victim banks. In some cases, they even convinced account holders to hand over access directly.
Armed with the stolen credentials, members of the conspiracy called bank tellers, posed as bank employees, and successfully tricked staff into depositing funds into compromised accounts. These fraudulent credits allowed the group to access cash almost immediately.
Once money appeared in the manipulated accounts, Brown and others moved fast—pulling out cash at ATMs located at victim branch locations or converting funds into postal money orders. The banks ultimately lost over $1.5 million during the 20-month scheme.
U.S. Attorney Craig Carpenito credited investigators from the U.S. Postal Inspection Service, led by Acting Inspector in Charge Ruth M. Mendonca, for cracking the case. Assistant U.S. Attorney Ari Fontecchio is prosecuting the case. Brown is represented by Perry Primavera, Esq., of Hackensack, New Jersey.
Related Federal Cases
- CPA Barry Horrow Pleads Guilty to Bank Fraud Scheme · Delaware
- Shawn Hilliard Gets 12 Years for $1.3M Bank Fraud Scheme · Pennsylvania
- Tejesh Kodali Admits Running ‘Pay To Stay’ Visa Fraud Scheme · New Jersey
- Hari Karne Admits Visa Fraud Scheme · New Jersey
- Patrick Giblin Admits to Dating Scam Fraud Scheme · Pennsylvania
Key Facts
- State: New Jersey
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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