Pair Indicted for Bank Fraud
Published Feb. 16, 2007

NEWARK – Two individuals were indicted today for their alleged roles in a bank fraud
scheme at PNC Bank in Newark, which netted them more than $345,000, U.S. Attorney
Christopher J. Christie announced.
Larry Reddick, Jr., a/k/a “Philip Reddick,” 37, of East Orange, is charged in the
Indictment with conspiring to fraudulently obtain funds from PNC Bank by opening
checking accounts in the name of fictitious companies, processing lines of credit
fraudulently set up on behalf of those fictitious companies at PNC Bank, and obtaining
the proceeds of checks and advances drawn on those lines of credit, according to
Assistant U.S. Attorney Deborah J. Gannett.
Alvan Laberth, Jr., 26, of Plainfield, is charged with conspiring with Reddick and two
other individuals who together, according to the Indictment, opened the five bank
accounts, processed the lines of credit for them and then drew against the accounts. The
Indictment alleges that the co-conspirators used personal information of five individuals –
without their knowledge or consent – who were named as principals to the business
accounts.
The Indictment names two other co-conspirators but does not charge them: Israel Barreto,
32, of East Stroudsburg, Pa., a PNC mortgage broker who helped facilitate the fraud by
opening the fraudulent accounts and lines of credit; and William Upchurch, 35, of
Newark, who opened an account at another bank where fraudulent checks were deposited.
Barreto and Upchurch were each previously charged in separate criminal Complaints with
the same conspiracy. Their cases are pending.
Reddick and Laberth are expected to make initial appearances before a U.S. Magistrate
Judge next week. All of the defendants face a statutory maximum penalty of 30 years
imprisonment and a fine of up to $250,000 or twice the gross profits or other proceeds to
the defendant.
Christie credited Special Agents of the FBI, under the direction of Acting Special Agent
in Charge Todd P. Letcher; and Postal Inspectors with the U.S. Postal Inspection Service,
under the direction of Postal Inspector in Charge Thomas Van de Merlen, with
developing the cases against Larry Reddick, Jr. and Alvan Laberth, Jr.
The government is represented by Assistant U.S. Attorney Gannett of the U.S. Attorney's
Public Protection Division in Newark.