Community Corner

Former NPD Officer Sentenced in $1.9M Bank Fraud, Bribe

Victor Patela receives four-year term, fined for conspiracy to commit bank fraud, paying off bank loan officer.

Newark Police Officer Victor Patela was sentenced Wednesday to 48 months in prison for his role in a conspiracy to commit bank fraud, bank fraud, two counts of loan application fraud and bank bribery, U.S. Attorney Paul J. Fishman announced. 

The jury returned the guilty verdict against Patela, 37, of Newark, following a one-week trial before U.S. District Judge Noel L. Hillman in Camden federal court. He was convicted of the charges on June 7.

According to U.S. Attorney’s Office officials, Patela conspired to defraud Spencer Savings Bank in Elmwood Park by providing false statements and documents so he could secure a $1.92 million commercial loan for JVI Realty, a limited liability company he owned.

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In addition, Patela paid $40,000 in bribes to a bank employee who served as the loan officer for the transaction. He also falsely signed papers reporting he had a net worth that included $430,000 cash in bank accounts and real estate valued at $3.5 million, officials said.

In addition to the prison term, Hillman sentenced Patela to three years of supervised release and ordered him to pay $819,793 in restitution.

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