A Bergen County woman has been charged for her role in a multibillion-dollar loan scheme involving the creation of false documentation to secure bank loans. Jennie Frias, also known as Jennie Castillo, 36, of Englewood, New Jersey, was charged by complaint with one count of conspiracy to commit bank fraud, announced U.S. Attorney Craig Carpenito.
According to documents filed in this case and statements made in court, Frias and others created false documentation to make customers’ loan applications appear more financially viable than they actually were. Employees in Cash Flow Partners’ “File Building Department” falsified payroll records by including fictitious financial and employment information, such as fake jobs, on template payroll forms and IRS tax forms.
The victim banks, including those insured by the Federal Deposit Insurance Corporation (FDIC), sustained losses of over $4 million. One of Frias’ conspirators, Raymundo Torres, pleaded guilty September 24, 2019, to charges relating to his role in the Cash Flow bank fraud conspiracy.
Frias, who became director of Cash Flow Partners’ “Funding Department,” took steps to pose as the loan applicants when communicating with the victim banks. Funding Department employees remotely controlled computers located at the homes of the loan applicants to submit documents to the banks. They also took possession of the loan applicants’ cell phones and communicated with the banks posing as the loan applicants.
Frias had her initial appearance September 25, 2019, before U.S. Magistrate Judge James B. Clark III in Newark federal court and was released on a $100,000 unsecured bond. The conspiracy to commit bank fraud charge carries a maximum potential penalty of 30 years in prison and a $1 million fine.
Individuals who believe they may have information about this case may contact the FBI at 1-800-CALL-FBI (225-5324).
Related Federal Cases
- Ricardo Reid, Mail and Wire Fraud Conspiracy, New Jersey 2024 · Virginia
- Sato Satka, $3.7M Credit Union Bank Fraud, Lakewood NJ, 2024 · Illinois
- Barry Horrow, Bank Fraud, PA 2023 · Pennsylvania
- Tejesh Kodali, Visa Fraud Conspiracy, NJ 2024 · Pennsylvania
- Michael P. Klekamp, Bank Fraud, Virginia 2024 · New York
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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