PLEA DEAL: Marvin Jemal, 60, former chief executive officer of a luggage and accessories firm that he founded, has pled guilty in connection with a scheme to fraudulently obtain millions from the factoring arm of the Israel Discount Bank of New York from May 2007 through February 2012.
According to Manhattan U.S. Attorney Preet Bharara, “Marvin Jemal orchestrated a scheme to line his own pockets by duping a bank into lending his luggage company more than $6 million based on lies and phony documents, and then diverting the money for his own personal uses, including the purchase of homes and luxury cars. Now Jemal stands convicted of a felony and awaits sentencing.”
Sentencing has been set for Nov. 5 before Judge Valerie E. Caproni. Jemal pled guilty to one count of bank fraud, which carries a maximum sentence of 30 years imprisonment. The name of Jemal’s company was not disclosed.