This week, it was announced that 39-year-old Michael Nedal Annabi and his wife, 34-year-old Perla Maldonado Annabi, of Santa Teresa, New Mexico had pleaded guilty to federal charges associated with a scheme to defraud multiple local banks and credit unions. The defendants pleaded guilty to a single count of conspiracy to commit bank fraud and one count of wire fraud. By pleaded guilty, they admitted to participating in a three-year scheme starting in 2013. The scheme defrauded 21 financial institutions across the nation.
As a part of the scheme, the defendants and others obtained loans and lines of credit by providing financial institutions with fraudulent personal and income information. Both defendants are scheduled to be sentenced on July 13, 2018. 25-year-old Jenzel Nash, 26-year-old Terrance Yelder, and 30-year-old Migel Munoz all pleaded guilty in connection with the investigation. 34-year-old Basem Elgelda of Petaluma, California pleaded guilty to three counts of making a false statement on a loan application. Elgelda will be sentenced on June 6, 2018.
Each defendant will face up to 30 years in federal prison upon final conviction. Additional details have been made available here.