A banker from Hopatcong admitted Wednesday to falsifying documents so applicants could get United States Small Business Administration-backed commercial loans.
Nathan C. Buschman, 32, pleaded guilty to one count of making false documents and concealing material facts from the SBA before U.S. District Judge Susan D. Wigenton in Newark. He could face five years in prison and a $250,000 fine. Sentencing is scheduled for Aug. 15.
Buschman was arrested on Sept. 16 in a coordinated law enforcement takedown of 53 people in connection with widespread, sophisticated identity theft and fraud, the United States Attorney District of New Jersey said.
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Buschman, a former Washington Mutual Bank branch manager in Edgewater, admitted falsifying various site visit forms, filed after in-person inspections of businesses seeking guaranteed SBA loans, in 2007.
Buschman admitted to falsifying a site visit form for a fake business on or around June 15, 2007, causing Washington Mutual Bank, now JP Morgan Chase Bank, to issue a $100,000 guaranteed loan. The bank lost about $98,000 when the loan went into default.
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