By: Tracie Carter
A Gloucester County man is facing federal charges after authorities accused him of orchestrating elaborate financial schemes targeting a bank, unclaimed funds held by Texas and school districts across the country.
According to U.S. Attorney Robert Frazer, Robert Armstrong, 56, of Turnersville, allegedly used fraudulent documents and fictitious businesses to obtain approximately $2.8 million from a bank while attempting to collect another $9.25 million in unclaimed funds held by Texas.
Federal investigators said Armstrong falsely represented himself as an authorized agent of a financial institution entitled to millions of dollars in investment distributions.
Authorities allege he submitted fabricated paperwork that resulted in a bank issuing a check for more than $2.8 million, which he deposited into an account under his control.
Prosecutors said Armstrong later attempted to claim additional funds held by Texas by creating a fake company and using another individual's identity without authorization.
In a separate scheme, Armstrong allegedly established a fraudulent school supply business and mailed tens of thousands of invoices to schools nationwide for educational materials that were never delivered.
At least 43 schools reportedly paid the invoices, resulting in losses exceeding $11,000.
Armstrong appeared in Camden federal court on November 4 and remains detained.
If convicted, he faces up to 30 years in prison for bank fraud and an additional 20 years for mail fraud.