NEWARK, NJ – A fourth employee of a business consulting firm has pleaded guilty to creating false bank loan documents, which cost “victim” banks more than $ 4 million, the prosecutor’s office said American.

Gladys Collins, 43, of Wayne, pleaded guilty to a conspiracy to commit bank fraud by videoconference with U.S. District Judge Kevin McNulty.

Authorities say Cash Flow Partners LLC, which had offices in New York and New Jersey, used false documents to secure bank loans between March 2016 and September 2019.

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The company has posted advertisements on the Internet and held seminars to help clients obtain bank loans, including loans insured by the Federal Deposit Insurance Corporation (FDIC).

When clients submitted documents in support of their bank loan application, Cash Flow Partners created fraudulent documents to make those loan applications appear more financially viable than they actually were.

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Collins is the fourth employee to plead guilty, along with Jennie Frias, Raymundo Torres and CEO Edouard Espinal. They are awaiting their conviction.

Collins is charged with Conspiracy to Commit Bank Fraud, carrying a maximum sentence of 30 years in prison and a fine of $ 1 million. His conviction is scheduled for March 8, 2021.

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