ROCHESTER, N.Y.– In a shocking turn of events, 78-year-old John Zdanecis of Brighton, New York, has pleaded guilty to mail fraud in a commodities trading scheme that left investors reeling.
According to court documents, Zdanecis solicited investors to participate in a commodities trading pool called Comtra Limited, which he controlled. However, instead of investing the money in commodities as promised, Zdanecis used most of it for personal and business expenses.
The defendant’s scheme was designed to conceal the true condition of the investments, with Zdanecis sending periodic account statements that were false and misleading to his investors.
As a result of the fraud, investors lost a staggering $160,000. The case was investigated by Special Agents of the Federal Bureau of Investigation, under the direction of Acting Special Agent in Charge Richard M. Frankel.
Assistant U.S. Attorney John J. Field, who is handling the case, stated that Zdanecis’s actions were a clear breach of trust and a betrayal of the investors who put their faith in him.
Under the terms of the plea agreement, Zdanecis faces a maximum penalty of 20 years in prison, a fine of $250,000, or both.
Sentencing is scheduled for September 25, 2013, at 10:00 a.m. before U.S. District Judge Charles G. Siragusa. The case serves as a stark reminder of the importance of due diligence when investing in high-risk schemes.
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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