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Cash Flow Partners’ Bank Fraud Second Witness Confesses

Witness comes forward confessing taking part in the Cash Flow Partners’ Bank Loan Fraud
Jordan Major

On April 28, a New Jersey woman came forward and admitted participating in a bank scheme. This scheme involved the creation of fake documentation to secure at least $4 million in bank loans, as explained by U.S. Attorney Craig Carpenito.

Jennie Frias, a/k/a “Jennie Castillo,” 36, a resident of Englewood, New Jersey, confessed via teleconference before U.S. District Judge Kevin McNulty. She was responding to an information charging her with one count of conspiracy to commit bank fraud.

Court Statements and Loan Applications

Cash Flow Partners LLC released internet advertisements and held seminars according to the documents filed in this case and statements delivered in court. These seminars offered to assist customers in getting bank loans, including those insured by the Federal Deposit Insurance Corporation (FDIC).

Cash Flow Partners LLC is a business consulting firm that has offices in New Jersey and New York. The advertisements for the fictitious loans were published between March 2016 and May 2018. 

When the customers submitted documentation supporting their loan applications to Cash Flow Partners, Frias and others set up false documentation.

The fraudulent documentation was used to make the customers’ loan applications appear quite financially viable than they originally were.

The Case

The affected banks sustained losses of at least $4 million in the process. Raymundo Torres, one of Frias’ conspirators, earlier pleaded guilty to charges that related to his role in the Cash Flow bank fraud conspiracy.

This conspiracy to commit bank fraud charge attracts a maximum fine of $1 million and a penalty of 30 years in prison. Sentencing for this case is expected to happen on September 2, 2020. Anyone with viable information about this case is advised to contact the FBI at 1-800-CALL-FBI (225-5324).

The US Attorney Carpenito credited special agents of the FBI and the FDIC-Office of the Inspector General (FDIC-OIG) with the investigation that led to the April 28 guilty plea.

The US government is represented by Ari B. Fontecchio of the U.S. Attorney’s Office Economic Crimes Unit in Newark and Assistant U.S. Attorneys J. Stephen Ferketic of the Opioids Unit.

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