Audrey Strauss, the US Legal professional for the Southern District of New York, introduced immediately that codefendants HERODE CHANCY and MICHAEL ALBARELLA, who on the time of offense had been employed as a managers at a Manhattan department of a nationwide financial institution (“Financial institution-1”), have pled responsible earlier than United States District Choose Lewis J. Liman in reference to their respective roles in a mortgage fraud and financial institution bribery scheme. CHANCY pled responsible on March 12, 2021, to conspiracy to commit wire and mail fraud, and ALBARELLA pled responsible immediately to financial institution bribery.
U.S. Legal professional Audrey Strauss stated: “Financial institution worker Herode Chancy engaged in a scheme to acquire over $1 million in industrial loans for pretend companies, and his co-worker Michael Albarella then accepted a bribe to open a checking account utilizing a stolen identification for the aim of laundering a portion of the stolen cash. Chancy and Albarella now await sentencing for his or her fraudulent and corrupt acts.”
In keeping with the allegations within the Grievance, Indictment, and statements made in courtroom:
From a minimum of in or about March 2019 as much as and together with a minimum of in or about March 2020, CHANCY and Adedayo Ilori conspired to fraudulently acquire enterprise loans from a third-party industrial lender with the intent to not repay the loans – i.e., with the intent to “bust out” the loans. CHANCY and Ilori collectively submitted eight fraudulent enterprise mortgage purposes for a complete of $1,025,000 in enterprise loans. The enterprise mortgage purposes submitted by CHANCY and Ilori included doctored financial institution statements and listed the identities of different individuals because the mortgage candidates, together with stolen identities. CHANCY and Ilori additionally opened financial institution accounts utilizing the identities of these different individuals in an effort to obtain the mortgage funds from the third-party industrial lender. CHANCY and Ilori subsequently conspired with ALBARELLA, one other financial institution supervisor at Financial institution-1, to open a checking account utilizing a stolen identification to launder roughly $200,000 of the anticipated proceeds of the mortgage scheme. ALBARELLA opened the checking account at Financial institution-1 utilizing the stolen identification offered by CHANCY and Ilori, and ALBARELLA accepted a $10,000 bribe to open the checking account.
CHANCY and Ilori believed that the underwriter for the third-party industrial lender was collaborating within the scheme and agreed to pay the underwriter a “fee” for the underwriter’s function within the scheme. In actuality, nonetheless, the underwriter was an undercover regulation enforcement officer.
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CHANCY, 41, of Bellerose, New York, pled responsible to 1 depend of conspiracy to commit wire and mail fraud, which carries a most penalty of 20 years in jail. CHANCY additionally admitted that he conspired to commit cash laundering, in violation of Title 18, United States Code, Part 1956(h). CHANCY shall be sentenced by Choose Liman on July 9, 2021, at 2:00 p.m.
ALBARELLA, 35, of Floral Park, New York, pled responsible to 1 depend of financial institution bribery, which carries a most penalty of 30 years in jail. ALBARELLA shall be sentenced by Choose Liman on June 28, 2021, at 2:00 p.m.
Ilori is charged with: (1) conspiracy to commit mail and wire fraud, (2) wire fraud, (3) mail fraud, and (4) conspiracy to commit cash laundering, every of which carries a most penalty of 20 years in jail, and (5) aggravated identification theft, which carries a compulsory time period of two years in jail, to be served consecutively to every other time period of imprisonment.
The statutory most sentences are prescribed by Congress and are offered right here for informational functions solely, as any sentencing of the defendants shall be decided by a decide.
Ms. Strauss praised the excellent investigative work of the New York FBI’s Eurasian Organized Crime Job Pressure and Homeland Safety Investigation’s El Dorado Job Pressure.
This case is being dealt with by the Workplace’s Cash Laundering and Transnational Felony Enterprises Unit. Assistant United States Attorneys Tara M. La Morte and Cecilia E. Vogel are in command of the prosecution.
The allegations towards Ilori within the Grievance and Indictment are merely accusations, and Ilori is presumed harmless except and till confirmed responsible.