Newark, N.J. – It’s a tale of deception at the top, as 70-year-old Joseph Rodriguez from Irvine, California, finds himself ensnared in a sprawling $million wire fraud scheme that targeted a New Jersey firm. U.S. Attorney Alina Habba announced the grim details.
The indictment paints a picture of Rodriguez, through his company Old American Incorporated, engaging in a factoring agreement with a local New Jersey company (dubbed “Victim-1”) to secure loans using accounts receivable. But it wasn’t long before the truth unraveled. From February 2023 through July 2023, Rodriguez submitted fraudulent invoices for future accounts receivable to Victim-1, falsely claiming customers were in debt to Old American. In reality, these customers didn’t owe a cent.
Victim-1, unaware of Rodriguez’s ruse, wired millions of dollars in advance payments to the defendant. What was supposed to be a mutually beneficial deal turned into a financial fiasco for Victim-1 as Rodriguez pocketed the cash without returning it. Each count of wire fraud carries a potential 20-year sentence and fines reaching $250,000 or twice the gain, whichever is higher.
U.S. Attorney Habba credited the Federal Bureau of Investigation’s Newark division for their relentless investigation, with Special Agent in Charge Stefanie Roddy directing the team. Assistant U.S. Attorneys Farhana C. Melo and Benjamin D. Bleiberg of the Economic Crimes Unit are representing the government.
As the case progresses, Rodriguez stands accused. The charges and allegations against him remain merely accusations, and he is presumed innocent until proven guilty in court.
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Key Facts
- State: New Jersey
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime|Public Corruption
- Source: Official Source ↗
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