John F. Casey, Boston Grand Prix CFO Sentenced for Fraud, Massachusetts 2021

Boston Grand Prix CFO Sentenced to Four Years in Prison for Fraud

BOSTON, Massachusetts – Former Chief Financial Officer (CFO) of the Boston Grand Prix, John F. Casey, 58, was sentenced to four years in prison and three years of supervised release for his role in multiple schemes to defraud equipment and small business financing companies as well as the Small Business Administration (SBA) and the Internal Revenue Service.

Casey was ordered to pay $1,998,097 in restitution and to forfeit $1,570,399. On October 21, 2021, Casey pleaded guilty to 23 counts of wire fraud, three counts of aggravated identity theft, four counts of money laundering, and three counts of filing false tax returns.

According to court documents, Casey became the CFO of the Boston Grand Prix in January 2015. The organization made payments to, or on behalf of, Casey totaling approximately $308,292 in 2015 and $601,073 in 2016, which Casey failed to include in the gross income he claimed on his personal tax returns for those years.

Casey also owned an ice rink in Peabody from October 2013 until he sold it in June 2016. Between October 2014 and October 2016, Casey obtained over $743,000 in funds from equipment financing companies, purportedly for the purchase of equipment for the ice rink, when in fact he no longer owned the rink for four months during this period.

Casey orchestrated a scheme to fraudulently obtain Economic Injury Disaster Loans and Paycheck Protection Program loans from the SBA and a Massachusetts Sector-Specific Relief Grant by submitting false applications for companies he created and controlled. He used the fraudulently obtained loan and grant funds for personal expenses, including a three-carat diamond ring, a six-month membership to Match.com, private school tuition, residential rent payments, living expenses, payments on personal credit card accounts, restaurant meals, car payments, and luxury expenses.

Between April 2020 and April 2021, approximately $676,552 in COVID-19 relief funds was deposited into bank accounts controlled by Casey, and he used the vast majority of the funds for personal expenses. The three-carat diamond ring was ordered forfeited.

Casey’s sentence is a result of his multiple schemes to defraud equipment and small business financing companies, the SBA, and the Internal Revenue Service. His sentence sends a strong message that white-collar crimes will be aggressively prosecuted and punished.

John F. Casey, 58, formerly of Ipswich, was sentenced by U.S. District Court Judge Allison D. Burroughs to four years in prison and three years of supervised release. Casey also owned an ice rink in Peabody from October 2013 until he sold it in June 2016.

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