Long Branch Man Charged with Financial Crimes After Alleged $44,000 Fraudulent Withdrawal
FREEHOLD, N.J. — A Long Branch man has been charged with financial crimes after allegedly withdrawing more than $44,000 from a bank account before a check he deposited was returned for insufficient funds, authorities said Wednesday.
Jacob Gindi, 33, is facing charges of third-degree bad checks and third-degree theft by deception, according to Monmouth County Prosecutor Raymond S. Santiago.
The Monmouth County Prosecutor’s Office (MCPO) Financial Crimes and Special Prosecutions Unit launched an investigation following a referral from the Deal Police Department, which was alerted to fraudulent activity at a local bank branch in December 2024. Authorities say Gindi deposited a $44,500 check months earlier and quickly withdrew the funds through bank transfers, debit card purchases, and a bank check before the original deposit cleared. The check was later returned for insufficient funds, leading to the substantial loss.
Details of the Alleged Fraud
According to investigators, Gindi’s financial transactions raised red flags when it became apparent that he had rapidly accessed the deposited funds, bypassing standard banking procedures. The withdrawal activity was noticed only after the check failed to clear due to insufficient funds, meaning the deposited amount was never actually available. Authorities have not disclosed whether Gindi was aware that the check was unlikely to be honored when he made the deposit, but the swift depletion of the funds is a crucial aspect of the case against him.
Law enforcement officials emphasized that banks often place holds on large deposits to prevent fraud. However, in some cases, customers can access a portion of their deposited funds before full clearance. This loophole may have allowed Gindi to carry out the alleged fraudulent transactions without immediate detection.
Legal Proceedings and Investigation
Gindi turned himself in on Tuesday and was released on a summons pending future court proceedings in Monmouth County Superior Court. He is represented by attorneys Brian Ansell and Kevin Clark of Ocean Township.
The case is being prosecuted by MCPO Assistant Prosecutor Lawrence Nelsen. Authorities are encouraging anyone with additional information on the case to come forward. Detective Sgt. Michael Acquaviva of the MCPO can be contacted at 800-533-7443 for further details or to provide relevant information.
The Monmouth County Prosecutor’s Office continues to investigate whether Gindi acted alone or if others were involved in orchestrating the scheme. Additionally, authorities are looking into whether this incident was an isolated case or part of a larger pattern of financial misconduct.
Understanding the Charges
Gindi has been charged with third-degree bad checks and third-degree theft by deception. In New Jersey, third-degree offenses can carry significant penalties, including imprisonment of three to five years and fines up to $15,000.
- Bad Check Offense: This charge applies when someone writes or deposits a check knowing there are not enough funds to cover it. If the amount involved is significant, as in this case, it elevates the severity of the crime.
- Theft by Deception: This charge is used when someone intentionally deceives another party to obtain money or property. Prosecutors argue that by quickly withdrawing funds before the deposited check cleared, Gindi knowingly misled the bank for financial gain.
Community Impact and Law Enforcement’s Response
Financial crimes like check fraud can have broad implications, affecting not only banks but also account holders and businesses. Fraudulent activities can lead to stricter banking policies, increased fees, and a loss of trust in financial institutions.
Monmouth County officials are taking a firm stance on financial crimes, warning that fraudulent banking activities will be met with serious consequences. “We are committed to holding individuals accountable for deceptive financial practices that impact our banking system and community members,” said Prosecutor Santiago.
Law enforcement agencies, including local police departments and financial crime specialists, are working together to prevent such cases and educate the public on recognizing fraudulent schemes.
What’s Next for the Case?
As Gindi prepares for court, legal experts speculate on potential outcomes. If convicted, he could face significant legal penalties, including possible restitution to the bank for the lost funds. Given that he voluntarily turned himself in, his defense attorneys may attempt to negotiate a plea deal, depending on the evidence presented by prosecutors.
The coming weeks will reveal more details as court proceedings unfold. For now, authorities urge vigilance among individuals and businesses to safeguard against similar fraudulent activities. Anyone with concerns about financial fraud is encouraged to report suspicious activities to law enforcement agencies.
This case serves as a stark reminder of the consequences of financial deception and the vigilance required to combat fraudulent schemes in the banking sector.
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