Jerry Guidice, Factoring Company Scam, New Jersey 2024

TRENTON, N.J. – Another slick operator thought he could bleed a legitimate business dry. Jerry Guidice, 57, of Windermere, Florida, learned a harsh lesson today, slapped with a 53-month federal prison sentence for a brazen $1.5 million fraud scheme targeting a Bergen County, New Jersey, factoring company. Acting U.S. Attorney William E. Fitzpatrick didn’t mince words announcing the sentencing.

The con unfolded starting in July 2015. Guidice’s trucking company entered into a standard agreement with the Bergen County firm – a factoring agreement, where accounts receivable are assigned for immediate financing. But Guidice wasn’t interested in legitimate business. He flooded the company with bogus invoices, claiming services *never* rendered. The scheme was simple, audacious, and, for a while, incredibly profitable for Guidice.

From September 2015 through February 2016, the factoring company, believing the fake invoices, wired over $1.5 million to Guidice’s company. It was a calculated gamble on Guidice’s part, and it backfired spectacularly. U.S. District Judge Anne E. Thompson wasn’t buying the excuses during the proceedings. Guidice previously pleaded guilty to one count of wire fraud.

The feds weren’t fooled. The investigation, spearheaded by the FBI’s Newark field office under Special Agent in Charge Timothy Gallagher, peeled back the layers of deception. Assistant U.S. Attorney Andrew Kogan, from the Economic Crimes Unit, built a solid case, presenting irrefutable evidence of Guidice’s fraudulent activity to Judge Thompson. The details laid bare in court documents painted a clear picture of premeditated theft.

The 53-month prison term isn’t the end of Guidice’s troubles. Judge Thompson also tacked on three years of supervised release *after* his incarceration, and a hefty restitution order of $1.6 million – meaning Guidice will be paying back every penny he stole, and then some. This isn’t just about punishment; it’s about making the victim whole, or as close as possible.

Guidice was represented by Orlando, Florida-based attorney Christopher Atcachunas Esq. While Atcachunas may have argued for leniency, the sheer scale of the fraud, and the calculated nature of the scheme, left Judge Thompson with little choice. This case serves as a stark warning: defrauding businesses, no matter where you’re based, will land you in federal prison. The Grimy Times will continue to follow this case and report on any further developments.