Related Federal Cases
Seven Indicted in $237,000 Bank Fraud Scheme
A federal grand jury in El Paso has indicted seven individuals for allegedly defrauding multiple local banks and credit unions through applications for at least $237,000 in personal loans and lines of credit.
According to the indictment, the defendants conspired from July 31, 2013, to March 22, 2016, to defraud 21 financial institutions nationwide in connection with a loan scheme. Throughout the scheme, the defendants would obtain loans and lines of credit after providing the financial institutions with fraudulent personal and income information.
The indictment charges 38-year-old former Michael Nedal Annabi of Santa Teresa, NM; his wife, 33-year-old Perla Maldonado Annabi; 33-year-old Basem Elgelda of Petaluma, CA; 25-year-old Terrance Yelder of El Paso; 29-year-old Miguel Munoz of Santa Teresa, NM; 23-year-old Jenzel Nash of El Paso; and, 20-year-old Daniel Munoz of Santa Teresa, NM, with multiple counts of bank fraud.
The indictment includes one count of conspiracy to commit bank fraud, as well as several substantive counts of false statement on loan or credit application. Michael Annabi and Basem Elgelda are also charged with four counts, while Terrance Yelder and Jenzel Nash face two counts each. Perla Annabi, Miguel Munoz, and Daniel Munoz each face one count.
Upon conviction, each charge calls for up to 30 years in federal prison. The case was investigated by the Federal Bureau of Investigation with assistance from the El Paso Police Department. Assistant United States Attorneys Rifian S. Newaz and Debra Kanof are prosecuting this case on behalf of the government.
The indictment is a significant blow to the defendants, who allegedly worked together to commit the crimes. The case highlights the importance of vigilance in the financial industry and the need for law enforcement to remain vigilant in pursuing those who seek to exploit the system.
The defendants are expected to face a stiff penalty if convicted. The maximum sentence of 30 years in prison serves as a reminder of the severity of the charges and the importance of holding those accountable for their actions.
Key Facts
- State: Texas
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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