Jamie Petron, Yale’s former manager, pleaded guilty to telephone fraud on Monday, NPR reported. Prosecutors said he resold stolen electronic equipment and financed a lucrative lifestyle with the profits. He handed over assets such as a Mercedes-Benz G550 and property in Connecticut.
A former Yale executive, Jamie Petrone, stole more than $ 40 million in electronics from the university and used it to fund a wealthy lifestyle, prosecutors said in a statement Monday. Petrone pleaded guilty in federal court on Monday to two counts of fraud and filing a false tax return for her involvement in the plot, NPR reported. “Starting at least in 2013, Petrone participated in a scheme to order, or have others working for it, order millions of dollars in electronic equipment from Yale sellers using Yale Med funds and arranged for the stolen material to be shipped. in an out – of – state – owned company in exchange for money, “said a statement from the U.S. Attorney ‘s Office in Connecticut. At Yale University School of Medicine, Petrone had the power to buy electronic equipment on orders under $ 10,000 and did so periodically, inventing studies that the technology was supposed to use. The company, on the other hand, would resell the electronics and then send a portion of the funds to its corporate account Maziv Entertainment LLC. Prosecutors added that the stolen equipment was worth about $ 40 million in damage to Yale. Petrone used the profits, they said, to fund a wealthy lifestyle, including real estate, cars and travel. Petrone has agreed to deposit over $ 500,000 into its LLC bank account, plus six cars: a 2014 Mercedes-Benz G550, a 2017 Land Rover, a 2015 Cadillac Escalade Premium, a 2020 Mercedes Benz Model E450A, a Escalade 2016 Dodge a8 and a Charger. Prosecutors said Petrone would liquidate its three Connecticut properties and possibly have to do so for another in Georgia to meet its “reparation obligation,” which refers to compensating a victim of a crime. The story goes on Its illegal side effect lasted until August 2021, NPR reported, citing court documents. An anonymous source told Yale officials that he was acquiring “suspiciously large volumes of computer equipment”. The school reviewed its records and eventually passed what was discovered to law enforcement. Petrone was arrested in September 2021 and released on $ 1 million bail, the release said. One category of remittance fraud has a maximum penalty of 20 years and a false tax return has three. U.S. District Judge Vanessa L. Bryant is scheduled to sentence her in June 2022. Read the original article in Business Insider
