By: Richard L. Smith
Startling revelations have emerged as an employee of an Essex County bank faces federal charges for allegedly engaging in fraudulent activities related to the withdrawal of federal retirement benefits from a deceased customer's account. U.S. Attorney Philip R. Sellinger made the announcement Wednesday.
Mr. Jorge Nova, a 35-year-old resident of Passaic, now stands charged by indictment with one count of wire fraud.
Nova's alleged actions have raised serious concerns about the integrity of the banking system and the misappropriation of funds intended for a deceased beneficiary.
Nova made his initial appearance today before U.S. Magistrate Judge Michael A. Hammer and was granted release on $100,000 unsecured bond, pending further legal proceedings.
According to court documents and statements presented during the proceedings:
In 2014, Jorge Nova was employed at a commercial bank located in Nutley, New Jersey. One of the bank's customers received retirement benefits from the Social Security Administration (SSA) through direct deposit.
Unfortunately, the SSA was not notified of the beneficiary's passing, resulting in the continued deposit of retirement benefits into the deceased customer's bank account for an extended period, spanning over four years until October 2018.
During this time, Nova is alleged to have executed a scheme to fraudulently access and withdraw funds from the beneficiary's account. Nova initiated the issuance of debit cards in the deceased beneficiary's name, which he subsequently used to deplete the retirement benefits held in the account.
Additionally, Nova registered new accounts with a money service provider using the identity of the deceased beneficiary and proceeded to withdraw funds from a second bank account also held in the beneficiary's name.
It is estimated that Nova fraudulently acquired over $105,000, which was intended for the deceased beneficiary.
The charge of wire fraud carries a maximum penalty of 30 years in prison and a maximum fine of $1 million. The severity of the allegations underscores the importance of upholding the law and maintaining the integrity of financial institutions entrusted with the security of their customer's assets.
As this case progresses, the community awaits further developments and hopes for a just resolution that will hold accountable those responsible for this alleged breach of trust and financial impropriety.