Jersey City Man Sentenced For Stealing $450K

JERSEY CITY, NJ — A Jersey City man was sentenced to 27 months in prison for his role in stealing $450,000, according to the Department of Justice.

Ramon Herrera, 37, pleaded guilty to one count of wire fraud. Herrera was part of a scheme that involved defrauding financial institution customers of almost half a million dollars.

Between May 2015 and January 2018, Herrera worked as a registered broker and financial advisor at a clearing services company associated with “Financial Institution-1." In his position, Herrera directed his client, many of whom were elderly or communicated with Herrera in Spanish, to sign blank withdrawal slips, which Herrera then completed and presented to bank tellers at Financial Institution-1 branches, according to charging documents.

The checks were taken out as cashier's checks and Herrera used them in his personal accounts, according to charging documents. Herrera stole more than $450,000 from approximately 40 Financial Instiution-1 customers, according to the DOJ.

Herrera to three years of supervised release along with the prison time.