Wyckoff Man Charged With Fraud, Identity Theft

NEWARK, NJ —A Wyckoff man was arrested Thursday and charged in federal court with fraudulently obtaining federal loans for himself and others, according to the U.S. Attorney's Office District of New Jersey.

Nathanael Zimmerman, 40, was charged with one count each of wire fraud, bank fraud and aggravated identity theft for his alleged role in schemes involving Federal Housing Association (FHA)-insured loans and a U.S. Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL). Zimmerman was scheduled to appear via videoconference Thursday afternoon before U.S. Magistrate Jessica S. Allen.

According to the complaint, between August 2013 and January 2014, Zimmerman made fraudulent representations to lenders, including submitting false bank statements, while helping others apply for FHA-insured loans. Zimmerman later took for himself some of the proceeds from the loans.

Eventually, the unqualified individuals defaulted on their loans, which resulted in the U.S. Department of Housing and Urban Development losing more than $300,000.

In 2020, Zimmerman allegedly used his late brother's identity and personal information to apply for an SBA EIDL grant, receiving more than $150,000 in funds.

According to a release, the charges of wire fraud affecting a financial institution and bank fraud are each punishable by a maximum potential penalty of 30 years in prison and a fine of $1 million, or twice the gross profits or twice the gross loss suffered by the victims, whichever is greater.

The charge of aggravated identity theft is punishable by a mandatory consecutive prison term of two years and a fine of $250,000, or twice the gross profits or twice the gross loss suffered by the victims, whichever is greater.