Two Bank Insiders Plead Guilty To Fraudulent

Two Bank Insiders Plead Guilty To Fraudulent

Two Bank Insiders Plead Guilty To Fraudulent Loan Scheme And Bank Bribery

(STL.News) Audrey Strauss, the United States Attorney for the Southern District of New York, announced today that codefendants HERODE CHANCY and MICHAEL ALBARELLA, who at the time of offense were employed as a managers at a Manhattan branch of a national bank (“Bank-1”), have pled guilty before United States District Judge Lewis J. Liman in connection with their respective roles in a loan fraud and bank bribery scheme.  CHANCY pled guilty on March 12, 2021, to conspiracy to commit wire and mail fraud, and ALBARELLA pled guilty today to bank bribery.

U.S. Attorney Audrey Strauss said: “Bank employee Herode Chancy engaged in a scheme to obtain over $1 million in commercial loans for fake businesses, and his co-worker Michael Albarella then accepted a bribe to open a bank account using a stolen identity for the purpose of laundering a portion of the stolen money.  Chancy and Albarella now await sentencing for their fraudulent and corrupt acts.”

According to the allegations in the Complaint, Indictment, and statements made in court:

From at least in or about March 2019 up to and including at least in or about March 2020, CHANCY and Adedayo Ilori conspired to fraudulently obtain business loans from a third-party commercial lender with the intent not to repay the loans – i.e., with the intent to “bust out” the loans. 

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Author: Editor 4