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Saturday, October 31, 2015

Former Niagara Falls Businessman Pleads Guilty to Bank Fraud

From FBI Buffalo Division Press Release:

Former Niagara Falls Businessman Pleads Guilty to Bank Fraud

U.S. Attorney’s OfficeOctober 28, 2015
  • Western District of New York(716) 843-5700
BUFFALO, NY—U.S. Attorney William J. Hochul Jr. announced today that Timothy DePetris, 46, of Niagara Falls, NY, pleaded guilty to bank fraud before Senior U.S. District Judge William M. Skretny. The charge carries a maximum penalty of 30 years in prison and a $1,000,000 fine.
Assistant U.S. Attorney MaryEllen Kresse, who is handling the case, stated that the defendant, as owner of Electro-Dyn Choke Corporation in Niagara Falls, caused payroll checks to be issued to him and another individual and negotiated the payroll checks even though he knew there were insufficient funds in corporation’s account at M&T Bank to cover the checks. As a result of the defendant’s conduct, M&T Bank suffered a loss of approximately $177,500.
The plea is the culmination of an investigation by Special Agents of the Federal Bureau of Investigation, under the direction of Special Agent in Charge Adam S. Cohen.
Sentencing is scheduled for March 10, 2016 at 11:00 a.m. before Judge Skretny.
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