U.S: Three Plead Guilty to $29 Million Bank Fraud Scheme
A press release by FBI stated that the lead defendant in the case, Eddie Contreraz, 48, of Frisco, Texas, pleaded guilty before U.S. Magistrate Judge Renee Harris Toliver to one count of bank fraud.
Earlier, co-defendants Stephanie Loraine Contreraz, 27, of Frisco, Texas, and Abraham Valdez, 53, of Frisco, Texas, each had pleaded guilty to one count of conspiracy to commit bank fraud.
All three defendants will remain on bond pending sentencing. Later this month, three additional defendants charged in the same case are also scheduled to plead guilty to one count of conspiracy to commit bank fraud.
According to the factual resume filed in the case, from January 2011 through March 2016, Contreraz was the owner and operator of Preferred Marketing Group, Inc. (PMG), also known as PMG Business Solutions.
Beginning in about 2011, according to the factual resume, Contreraz produced and used many fraudulent documents to obtain loan approvals.
During the period from about January 2011 through March 2016, approximately 95 percent or more of PMG’s clients obtained funding while using false and fictitious documents.
Contreraz caused PMG employees Stephanie Contreraz, Abraham Valdez, Bryce Armijo, and Elizabeth Flint to use false financial information when clients applied for loans and credit cards over the telephone and the internet.
Contreraz admitted that he caused all six of his co-defendant employees to assist borrowers fraudulently obtain at least 2,300 loans, credit lines, and/or credit cards from at least ten FDIC insured banks and at least another 140 loans, credit lines, and/or credit cards from three non-FDIC insured consumer lenders.
The Federal Bureau of Investigation, Fort Worth Division is investigating this fraud. Assistant U.S. Attorney David Jarvis is prosecuting.