Accountant Nearly Pulls Off $19,000,000 Bank Fraud Scam After Tricking Lenders With Forged Documents and Fake Rent Rolls: DOJ
A licensed public accountant is pleading guilty to defrauding banks by offering incorrect information in order to acquire loans, according to the U.S. Department of Justice (DOJ). The DOJ says Christine Gendron was a financial supervisor at realty company JLL Realty Developers, where her sibling, Jeanette Norman, and brother-in-law, Masaschi, were partners.
According to the DOJ, Gendron participated in a conspiracy with her brother-in-law and, presumably, her sister to defraud banks. Specifically, Masaschi, Gendron, and allegedly Norman, provided materially false, fraudulent, and fictitious financial information, including false lease rolls and created lease arrangements, to obtain loans for their business. Gendron’s brother-in-law and, presumably, her sister were partners in several other limited liability companies, which mainly owned commercial and residential properties in, among other locations, Connecticut and Western Massachusetts.
The DOJ states that after obtaining the loans, Gendron’s brother-in-law and, presumably, her sister, as well as their companies, only partially repaid the loans or didn’t pay at all. This led to financial institutions incurring substantial losses of over $19 million, per the Justice Department. Gendron might now spend years in jail when convicted of her criminal charges. The charge of conspiracy to commit bank fraud carries a sentence of up to 30 years in jail, five years of supervised release, and a fine of up to $1 million or two times the gross gain or loss.
Gendron’s sibling, who has pleaded not guilty, is scheduled to stand trial in October.
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