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Bergen County Woman Pleads Guilty to Bank Fraud

Bergen County

NEWARK, N.J. – A Bergen County, New Jersey, woman 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.

Ms. Jennie Frias, a/k/a “Jennie Castillo,” 36, of Englewood, New Jersey, pleaded guilty by teleconference before U.S. District Judge Kevin McNulty to an information charging her 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, Frias and others created false documentation to make customers’ loan applications appear more financially viable than they actually were. Victim banks sustained losses of over $4 million.

One of Frias’ conspirators, Raymundo Torres, previously pleaded guilty to charges relating to his role in the Cash Flow bank fraud conspiracy.

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 Sept. 2, 2020.

Individuals who believe they may have information about this case may contact the FBI at 1-800-CALL-FBI (225-5324).

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