New York Man Charged with Bank Fraud
PHILADELPHIA—Stephen Jemal, 59, of Brooklyn NY, was charged today by indictment with three counts of bank fraud. These offenses arise from the defendant?s obtaining a series of loans and loan modifications, extensions and renewals from Republic First Bank (Republic) totaling approximately $9.3 million, by submitting fraudulent financial documents that falsely stated that Jemal owned a stock portfolio valued, at different times, from approximately $26 million to approximately $60 million, when, in fact, his stock portfolio never contained stock worth as much as $2 million. When Republic began foreclosure proceedings after a nearly five-year relationship with Jemal, the loans were in default by an aggregate total of almost $6 million.
If convicted the defendant faces a maximum possible sentence of 90 years in prison.
The case was investigated by the FBI, and is being prosecuted by Assistant United States Attorney Joel D. Goldstein.
An Indictment is an accusation. A defendant is presumed innocent unless and until proven guilty.