Half-Million-Dollar Embezzlement - I
July 24, 2009
It’s a case of a half-million dollars in fraud. It started in Connecticut and spread to Pennsylvania.
Mr. Schiff: It’s a case of a half-million dollars in fraud. It started in Connecticut and spread to Pennsylvania.
Mr. McKenna: "The fraud involves the jewelry business that had been operated by the subject, and these victims had been providing ‘factor financing’ to him.”
Mr. Schiff: That’s FBI Special Agent John McKenna in Bridgeport, Connecticut. He says “factor financing” had the subject getting investor money to pay for jewelry from China to supply high-end retailers.
Mr. McKenna: "The subject has to, in order to sustain his business, he needs financing from investors to operate.”
Mr. Schiff: McKenna says the subject had personal problems and diverted that money to a failed real estate deal.
Mr. McKenna: "Once a lien was placed on this real estate property in Connecticut, things unraveled; the subject had to tell his three investors that he could not repay them their money.”
Mr. Schiff: The investors didn’t get anything in return, and two of them called the FBI. Investigators found a third investor. The subject pleaded guilty to interstate transportation of money obtained by fraud and was sentenced to 20 months in prison and ordered to pay back the money. I’m Neal Schiff of the Bureau, and that’s the FBI’s Closed Case of the Week.”
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