James Biear Indicted for $3.2 Million Fraud

The Office of the United States Attorney for the District of Vermont stated that the grand jury sitting in Burlington, Vermont returned a five-count indictment today against James S. Biear, formerly of Ossining, New York. According to the indictment, during 2006, Biear fraudulently transferred $3.2 million from the Vermont bank account of his employer to his own investment account in California. From there, Biear laundered the funds through a series of accounts, ultimately making purchases including the down payment on a house, over $10,000 in oriental rugs, over $39,000 in antiques, and over $65,000 on a single painting. The indictment also provides notice that if Biear is convicted of the criminal charges, the government will seek forfeiture of the $3.2 million or substitute assets, as well as the listed house, rugs, antiques, and painting.

The United States Attorney emphasizes that the charges contained in the indictment are merely accusations and that the defendant is presumed innocent unless and until he is proven guilty. If he is convicted, Biear faces a maximum possible term of imprisonment of 20 years on the wire fraud count and 10 years on each of four money laundering counts, however the actual sentence in the event of a conviction will be determined in accordance with the federal sentencing guidelines. U.S. Attorney Eugenia A.P. Cowles is handling the case for the government. U.S. Attorney Tristram J. Coffin credited the investigative efforts of the FBI, Albany Field Division, and the IRS, Springfield, Massachusetts in bringing the case to the grand jury.