Jersey City Man Admits Swindling Banks

Federal prosecutors say a New Jersey businessman has admitted swindling four banks out of more than $1 million through an elaborate scheme that involved stolen social security numbers.

Syed Rehman faces up to 30 years in prison and a $1 million fine when he's sentenced in February 2012. The 44-year-old Jersey City man, who owns an auto repair business, pleaded guilty Friday to bank fraud.

Rehman admitted bribing a Social Security Administration staffer to obtain numerous social security numbers, then used the information to illegally obtain several credit cards.

Prosecutors say Rehman also provided false employment and salary histories through his firm for several people, who then used that false information and the stolen social security numbers to obtain various credit cards and home mortgages.

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