2008-11-07 / Top Stories

Student Gets An 'F' In Fraud

By Nicholas Briano

A college senior from Far Rockaway was arrested last week and charged with forging $40,000 worth of student loan applications, court records show.

Henry Wallace, 28, was arrested inside 146 Beach 24 Street last Thursday after more than a year of defrauding banks by forging signatures on the applications and receiving the loans for his own financial gain.

Wallace, a math and economics major at St. Lawrence University in upstate New York, allegedly stole a woman's identity and forged her signature as a co-signer for three different student loans from Chase Bank.

According to court papers, he received two separate loans in the amount of $10,000 each in August 2007 and another in the amount of $20,000 this past January.

However, Wallace allegedly didn't stop there. He proceeded to use the 55- year-old female's identity to open a credit card account in her name with Citibank and charge more than $3,500 to that account, according to law enforcement sources.

He was arraigned and released on his own recognizance, according to Queens DA Richard Brown. He is due back in court on December 2 after being charged with identity theft, grand larceny, forgery, criminal possession of stolen property, and unlawful possession of personal identification.

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