New Brunswick Accountant and Real Estate Developer Charged in Defrauding Banks out of $1.5 Million

The U.S. Attorney's Office announced Wednesday that a New Brunswick man stands accused of defrauding two banks out of approximately $1.5 million through a check kiting scheme.

Amro Badran, 54, of New Brunswick, faces one charge of bank fraud resulting from creating artificial balances in his bank accounts through a process known as "check kiting"

According to the U.S. Attorney's office, the checks would be written for amounts of money that the corresponding accounts did not contain. The checks would then be transferred into other accounts owned by Badran, resulting in artificial inflation of those account balances.

In total, Badran opened 15 different bank accounts at New Millennium Bank and Brunswick Bank & Trust.

Badran entered a guilty plea on Wednesday to one count of bank fraud. If convicted, he faces a maximum of 30 years in prison and a fine of up to $1 million.

According to the U.S. Attorney's Office, Badran is an accountant and part-time real estate developer.

His sentencing is scheduled for March 23, 2012.