"They were essentially printing money," AG says
TRENTON -- An Elizabeth man admitted Friday to running a counterfeiting scheme that deposited more than 300 bogus checks totaling $1.6 million across four states, authorities said.
Harold Stephens, 32, pleaded guilty to second-degree charges of theft by deception and money laundering in front of Judge Michael Toto at Superior Court in Middlesex County, according to a statement from the state Attorney General's Office.
Acting Attorney General John Hoffman described Stephens as the "ringleader" of the counterfeiting ring that used "a computer graphics program" to create phony checks. Stephens and two co-defendants then targeted banks with "customer-friendly policies on fund availability" to quickly turn the fake checks into cash.
The trio, sometimes aided by others, "washed" the checks at branches of five banks in in New Jersey, Pennsylvania, Delaware and Florida, authorities claim.
"They were essentially printing money," the attorney general said.
Stephens faces six years in prison under a plea deal that would allow him to serve consecutive terms for the two charges.
AG says trio made $700K in phony check scam
His two accomplices, 39-year-old Michael Caldwell of Irvington and 31-year-old Janilyn Roman, of Orlando, Fla., pleaded guilty in August.
The three will be required to pay $620,000 in restitution.
S.P. Sullivan may be reached at ssullivan@njadvancemedia.com. Follow him on Twitter. Find NJ.com on Facebook.
