BOSTON вЂ“ The previous Chief Financial Officer (CFO) regarding the Boston Grand Prix had been sentenced today in federal court in Boston regarding the numerous schemes to defraud products and small company financing businesses plus the small company management (SBA) as well as the irs.
John F. Casey, 58, previously of Ipswich, had been sentenced by U.S. region Court Judge Allison D. Casey ended up being additionally purchased to pay for $1,998,097 in restitution and bought to forfeit $1,570,399. On Oct. 21, 2021, Casey pleaded accountable to 23 counts of cable fraudulence, three counts of aggravated identification theft, four counts of cash laundering and three counts of filing tax that is false.
Casey became the CFO regarding the Boston Grand Prix in January 2015. The Boston Grand Prix company made re re re payments to, or on the behalf of, Casey totaling more or less $308,292 in 2015 and $601,073 in 2016 which Casey neglected to use in the revenues he reported on their personal taxation statements for anyone ages.
Casey additionally owned an ice rink in Peabody from October 2013 in June 2022 until he sold it
Between October 2014 and October 2016, Casey acquired over $743,000 in funds from products funding organizations https://guaranteedinstallmentloans.com/payday-loans-tx/cuero/, purportedly for the acquisition of products when it comes to ice rink, whenever in reality he no further owned the rink for four months in those times. In addition, in August 2016, significantly more than 2 months after he offered the Peabody rink, Casey acquired over $145,000 in small company loans for the rink company. So that you can protected the funding, Casey presented false papers and suggestions like fake invoices for the gear, bank documents purporting to demonstrate deposits into CaseyвЂ™s records relevant towards the Peabody rink, filled individual and business taxation statements and individual economic statements falsely claiming ownership and value of different assets. Casey furthermore presented a fake Deed of purchase containing a signature that is forged help of one of their applications. Counting on CaseyвЂ™s false statements, the funding businesses offered funding to Casey in quantities as well as on terms they otherwise wouldn’t normally are making. All of the funds given by the target organizations are never ever paid back.
In choice, between March 2020 as well as minimum might 2021, Casey orchestrated a scheme to fraudulently get Economic Injury catastrophe Loans and Paycheck safeguards system loans through the SBA and a Massachusetts Sector-Specific Relief Grant вЂ“ available beneath the Coronavirus Aid, Relief, and Economic protection Act вЂ“ by publishing applications that are false organizations he developed and controlled and also by improperly with the fraudulently acquired loan and give funds for individual spending. especially, Casey presented at the least 14 loan requests to your SBA and intermediary loan providers which included false information concerning, among other items, the gross profits regarding the organizations throughout the season ahead of the COVID-19 pandemic, the common month-to-month payroll regarding the businesses in addition to life of a few of the organizations.
For the duration of his pandemic help fraudulence, Casey took the identities of two ladies and put their personal distinguishing suggestions to register fraudulent applications
Finally, in January 2021, while waiting for test for the funding fraudulence scheme, Casey presented a software for a $70,000 pandemic-related relief give towards the Massachusetts development money organization containing false information regarding the working costs of an organization which was maybe not running a business in 2019 or 2020.
Casey furthermore laundered the profits of their fraudulence schemes and neglected to are the earnings through the Peabody rink fraudulence scheme on their 2014, 2015 and 2016 individual tax that is federal.