Admitting her role in a massive bank fraud scheme might cost a Middletown woman up to 30 years in prison.

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That's the maximum sentence for the charge of making false entries, to which Donna Conroy, 57, pleaded guilty Wednesday, according to the office of Acting New Jersey U.S. Attorney William E. Fitzpatrick. Sentencing is scheduled for
August 24 of this year.

In a Newark courtroom, Conroy also pleaded guilty to conspiring to make false entries to deceive a bank and bank regulators, and to influence the regulators.

The U.S. Attorney's office supplied no information regarding co-defendants or alleged conspirators.

The scenario, which allegedly unfolded in 2009 and 2010, was divided into three phases by investigators.

The onset was a fraudulent infusion of $7,000,000 of capital. The second was obtaining millions of dollars in loans by several suspects, based on "material misrepresentations" aimed at masking the bogus deposits and dismissing queries by auditors. The last phase was to fabricate statements to officials of the bank and of the Federal Deposit Insurance Corporation regarding the nonexistent capital and the loans.

In addition to a maximum 30-year sentence, the false-entries charge has a potential fine of $1,000,000, or twice the gross gain, or twice the gross loss incurred by any victim. The conspiracy charge carries a maximum five-year prison term and $250,000 fine.

Conroy was represented by Morristown attorney John C. Whipple. The state's case is led by Senior Litigation Counsel Andrew Leven.

Charges are accusations. Defendants are presumed innocent unless, and until, found guilty in a court of law.

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