A Bergen County, New Jersey, man was arrested today on charges of engaging in mortgage fraud, fraudulently obtaining an SBA loan, and stealing another person’s identity information, Acting U.S. Attorney Rachael A. Honig announced.
Nathanael Zimmerman, 40, of Wyckoff, New Jersey, is charged by complaint with one count each of wire fraud, bank fraud and aggravated identity theft. He is scheduled to appear by videoconference this afternoon before U.S. Magistrate Judge Jessica S. Allen.
According to the complaint:
From August 2013 through January 2014, Zimmerman orchestrated a scheme to engage in mortgage fraud concerning Federal Housing Administration (FHA)-insured loans. Zimmerman aided individuals in applying for FHA-insured loans and caused fraudulent representations to be made to the lenders, including submitting false bank statements. Zimmerman received a portion of the loan proceeds. Later, these unqualified individuals defaulted on their loans, causing losses to the U.S. Department of Housing and Urban Development of more than $300,000.
In 2020 Zimmerman used his deceased brother’s identity to obtain a U.S. Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL). Zimmerman received more than $150,00 by applying for EIDL funds in his brother’s name and using his brother’s personal identification information.
The charges of wire fraud affecting a financial institution and bank fraud are each punishable by a maximum potential penalty of 30 years in prison and a fine of $1 million, or twice the gross profits or twice the gross loss suffered by the victims, whichever is greater. The charge of aggravated identity theft is punishable by a mandatory consecutive term of imprisonment of two years in prison and a fine of $250,000, twice the gross profits or twice the gross loss suffered by the victims, whichever is greater.
Acting U.S. Attorney Honig credited special agents of the FBI, under the direction of Special Agent in Charge George M. Crouch Jr., in Newark, and special agents of the U.S. Department of Housing and Urban Development, Office of Inspector General, under the direction of Special Agent in Charge Christina Scaringi, with the investigation leading to today’s arrest.
The government is represented by Assistant U.S. Attorneys Sammi Malek and Andrew Kogan of the U.S. Attorney’s Office Criminal Division in Newark.
The charges and allegations contained in the complaint are merely accusations and the defendant is considered innocent unless and until proven guilty.