6.6 C
London
Wednesday, November 30, 2022

Jamie Petrone was sentenced to 9 years in prison for stealing $40 million from a university

Must read

House ‘A Christmas Story’ for sale

IE 11 is not supported. For an optimal experience, please visit our site in a different browser.NEXT ONECongress races to intervene to prevent...

Iterative Launches Its Second Fund for Southeast Asia Startups • londonbusinessblog.com

Despite global headwinds, startups in Southeast Asia are still going strong, say the founders of Iterative capital. The Singapore-based venture capital firm, which...

How a $40 investment changed Luke Cook’s life and the 5 things his new startup, Cuppa, taught him

It's not often I sit back and acknowledge how far I've come in the past 2.5 years. I've grown as a person, met some incredible...

The iPhone 14 Pro and 14 Pro Max may be in short supply during the holiday season

Workers at the massive Foxconn facility have reportedly been forced to live on site in an effort to contain a covid outbreak. Protests...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.

Jamie Petrone, a former Naugatuck resident and employee at Yale University School of Medicine, was sentenced to more than nine years in prison on Thursday, October 13, 2022, after he previously admitted to stealing $40 million worth of computer and electrical equipment from the University . Petrone, 42, is said to have funneled money from school bills to buy computer equipment, which she then surreptitiously sold to an out-of-state company. Petrone pleaded guilty to two charges on March 28, 2022: filing a false tax return and wire transfer fraud. She was arrested on September 3, 2021.

Jamie Petrone is accused of instructing people to steal electrical appliances on her behalf.

Jamie Petrone started working in the emergency medicine department at Yale University School of Medicine in 2008, according to many sources. She later became the Director of Finance and Administration for the Department of Emergency Medicine.

According to court documents and evidence, her job included creating and authorizing certain departmental expenses that did not exceed $10,000. According to the Justice Department, Petrone began stealing from college in 2013, when she ordered or encouraged others to place orders for multimillion-dollar equipment from college vendors. She used college money to make the purchases. In addition, she paid no taxes between 2013 and 2016, resulting in a $6,416,618 loss to the U.S. Treasury.

According to officials, Petrone’s actions cost Yale University School of Medicine $40,504,200. She spent the money on herself, including expensive cars, homes, and vacations.

The DOJ said in a brief statement that Petrone used college money for:

“…various personal expenses, such as expensive cars, real estate, and vacation.”

The DOJ also claimed it promised to ship the devices to an out-of-state company in exchange for cash. Petrone is the director of Maziv Entertainment LLC, an out-of-state company, according to the DOJ.

In a letter to the court, Prosecutor David Novick stated:

“For over a decade, Jamie Petrone has lived a life that few can comprehend.” She bought many homes in Connecticut and Georgia with cash. She drove fancy cars, including a $100,000 Range Rover, and gave them to friends and relatives. She spent millions of dollars on luxury vacations for herself and others, expensive personal products, VIP concert tickets and spa treatments.”

Jamie Petrone

Jamie Petrone agreed to lose $560,421.14 in a bank account, as well as six cars in her government plea deal: two Mercedes Benz, two Cadillacs, a Land Rover, and a Dodge Charger.

She also agreed to pay $40,504,200.08 to Yale University and $6,416,618 to the IRS.

She has also agreed to a government-authorized sale of three homes in Connecticut and one in Georgia.


More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

House ‘A Christmas Story’ for sale

IE 11 is not supported. For an optimal experience, please visit our site in a different browser.NEXT ONECongress races to intervene to prevent...

Iterative Launches Its Second Fund for Southeast Asia Startups • londonbusinessblog.com

Despite global headwinds, startups in Southeast Asia are still going strong, say the founders of Iterative capital. The Singapore-based venture capital firm, which...

How a $40 investment changed Luke Cook’s life and the 5 things his new startup, Cuppa, taught him

It's not often I sit back and acknowledge how far I've come in the past 2.5 years. I've grown as a person, met some incredible...

The iPhone 14 Pro and 14 Pro Max may be in short supply during the holiday season

Workers at the massive Foxconn facility have reportedly been forced to live on site in an effort to contain a covid outbreak. Protests...

Austin-based ICON awarded $57.2 million NASA contract for lunar construction technology londonbusinessblog.com

ICONa construction engineering company that has raised more than $400 million in funding has won a new contract from NASA to develop new systems...