Acting Attorney General John Hoffman announced Wednesday that Fryar and his mother, Allene McGhee, are charged with conspiring to steal more than $690,000.
Prosecutors say the pair engaged in a "sophisticated mortgage fraud scam" by allegedly having McGhee obtain five equity loans on her home within a six-day period.
The 51-year-old Fryar lives in Springfield and is the pastor of a Burlington County church that he founded.
He was also head coach of the Robbinsville High School varsity football team. However, Superintendent Steven J. Mayer said Fryar has been suspended and an assistant coach will serve as interim head coach.
His 72-year-old mother lives in Willingboro.
"This is not a case in which Mr. Fryar and his mother simply omitted or misstated information on loan applications," said Acting Attorney General Hoffman in a news release. .
"This indictment alleges that they engaged in an elaborate criminal scheme that was designed to defraud these banks of hundreds of thousands of dollars," Hoffman continued. "He must face justice like anyone else."
If convicted, Fryar faces a sentence of five to 10 years in state prison and a fine of up to $150,000.
The former Pro Bowl wide receiver played for four NFL teams between 1984 and 2000, including the Philadelphia Eagles.
It's not immediately clear whether the pair have retained attorneys.
