A 39-year-old Monsey man was arrested Thursday and charged with secretly applying for a $292,000 mortgage while simultaneously awaiting approval of a $250,000 home equity line of credit, the Rockland County district attorney announced Thursday.

Aharon Farkas, of Jill Lane, was charged with second degree grand larceny and could face up to 15 years in prison.

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In a statement, District Attorney Thomas Zugibe outlined the case:

Farkas applied for the $250,000 home equity loan in June 2008 from TD Bank using property at 3 Hill Top Lane, Highland, as collateral and indicating there were no outstanding loans on the Ulster County property.

Between the time of application and when its funding in July 2008, Farkas applied for, and received, a $292,000 mortgage from Florida Capital Bank using the same property as collateral.

Farkas was arraigned in Village of Spring Valley Justice Court and was released after posting $15,000 bail and surrendering his passport.

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He is scheduled to return to court on June 20.