A brazen Burlington County man has admitted to stealing more than $350,000 from a special needs trust, leaving a trail of destruction in his wake.
Eugene Young, 69, of Mount Holly, New Jersey, pleaded guilty to one count of wire fraud by videoconference before U.S. District Judge Joseph H. Rodriguez.
The special needs trust was established to provide for the supplemental care, maintenance, support, and education of a disabled individual and, in December 2017, had more than $1 million in assets in two bank accounts.
Young used the power of attorney to gain access to the trust’s bank accounts and, between December 2017 and June 2019, used a variety of means to divert funds from the trust. He made more than 650 purchases and approximately 200 ATM withdrawals using a debit card associated with the bank accounts.
Young also wrote checks from the accounts to himself, made other withdrawals from the accounts, and cashed portions of annuity checks that were the property of the trust. The funds were not used for the benefit of the trust’s beneficiary, as required by the terms of the trust, but rather for Young’s personal use.
The wire fraud charge carries a maximum potential penalty of 20 years in prison and a maximum fine of $250,000 or twice the gross pecuniary gain to the defendant or twice the gross pecuniary loss to others, whichever is greater.
Young misappropriated more than $350,000 from the trust before his scheme was discovered. Sentencing is scheduled for June 7, 2021.
Related Federal Cases
- Ricardo Reid, Mail and Wire Fraud Conspiracy, New Jersey 2024 · New Jersey
- Michael Conway, Wire Fraud, New Jersey 2016 · Pennsylvania
- Michael Esposito Charged with Wire Fraud, North Caldwell NJ, 2023 · Delaware
- Gomidas Garabed Hartounian, Wire Fraud and Tax Evasion, NJ 2024 · Pennsylvania
- Robert Eric Fockler, Wire Fraud, SC 2023 · Alabama
Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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