Former President of Philadelphia Wholesale Produce Market who stole $ 7.8 million from his employer – Produce Blue Book
PHILADELPHIA – Acting U.S. Attorney Jennifer Arbittier Williams announced that Caesar DiCrecchio, 60, of Voorhees, NJ, has been charged by Information on two wire fraud charges, wire fraud conspiracy, money laundering conspiracy, and charges of aggravated identity theft and four tax evasion cases allegedly causing more than $ 7.8 million in losses to the Philadelphia Wholesale Produce Market BB #: 296053 in south Philadelphia. Separately, Thomas Del Borrello, 42, of Sewell, NJ, was also charged by Information with eight grave miscalculations in filing a currency transaction report and a grave neglect in filing a currency transaction report.
The information alleges that DiCrecchio, the former President and CEO of the grocery store, was in control of every aspect of the market, including fund spending, and was required to report to his board of directors on the market’s finances. The defendant defrauded the market by using company funds to pay $ 1.9 million in rent for his coastal home in Stone Harbor, New Jersey; Converting checks for $ 1.1 million in the market’s bank account into cash and using the cash for his own benefit; the issuance of checks for $ 1.7 million from the market’s operating account payable to friends or relatives; Causing the market to pay for the defendant’s personal credit card spending; converting $ 320,000 into checks payable to the marketplace and cashing them for his own benefit; Skim $ 2.6 million in cash from the cash register in the market’s parking lot, which he used to pay “under the table” staff while keeping a significant portion for his own use; and using market funds to provide a market seller with a loan of $ 180,000 that the seller will repay directly to DiCrecchio. The defendant hid these expenses on the market’s books and records by ordering that these payments be shown as legitimate business expenses such as a maintenance, snow removal, insurance, legal fee and other false expense record.
The information also alleges that DiCrecchio committed serious identity theft by cashing checks at an exchange office under the name of an ignorant victim as the payee. It is also alleged that the defendant conspired to commit money laundering by agreeing with two unnamed persons to conduct repeated money laundering transactions by converting market funds into money orders at an exchange office to pay the rent in his country house could. In total, DiCrecchio laundered about $ 319,736 by buying money orders at the currency exchange using market funds.
The second piece of information said Del Borrello was a supervisor at United Check Cashing on South Broad Street, Philadelphia, responsible for compliance with cash transaction regulations, including the preparation and filing of Currency Transaction Reports (CTRs). DiCrecchio regularly arranged for the delivery and cashing of groups of checks at United Check Cashing. These checks were made out for less than $ 10,000 each, but when cashed as a group, they made more than $ 10,000 in US currency. For those $ 10,000 cash transactions, regulations require that the currency exchange file a CTR that records the identity of the person who presented the transaction. Del Borrello allegedly caused the filing of bogus CTRs hiding the identity of DiCrecchio or caused United Check Cashing not to deposit a CTR altogether. On some occasions, DiCrecchio directed Del Borrello or others at United Check Cashing to convert the proceeds of the checks into separate money orders that were used to pay the monthly rent for DiCrecchio’s Stone Harbor home.
Finally, the information alleges that DiCrecchio deliberately attempted to evade federal income tax for several years by failing to report income greater than $ 2.1 million for the 2014-2017 tax years. DiCrecchio did not report the proceeds from its fraud in the market as income. as well as a car grant, pension grant, and advisory income he received from the market.
“Complexity will not hide crime from law enforcement,” said acting US Attorney Williams. “Also, and as claimed here, stealing nickels and pennies – skimming small amounts over many years – is just as illegal as stealing a large lump sum. The charges announced today reflect our firm’s commitment to detecting and prosecuting complex financial frauds. “
“Caesar DiCrecchio is charged with a massive theft at the Philadelphia wholesale market,” said Michael J. Driscoll, special agent in charge of the FBI’s Philadelphia Division. “Theft of business funds for personal use is simply a fraud, and anyone who replenishes their paychecks can expect a lot of attention from the FBI.”
“The willful evasion of tax liability is a violation of federal tax law,” said Thomas Fattorusso, the special commissioner responsible for the criminal investigation department of the IRS. “Mr. DiCrecchio is accused of evading taxes on multi-million dollar revenues, while Mr. Del Borrello is alleged to have caused, among other things, the filing of false CTRs that obscured Mr. DiCrecchio’s identity and continued his fraud. Rest assured that the specialty agents of the IRS are fully trained to investigate numerous types of tax and related financial crime and are constantly working to expose crimes like those charged in these cases. “
“This investigation is a perfect example of state-federal agency collaboration,” said Sgt. Brandon Corby, commander of the Eastern Organized Crime Task Force, Pennsylvania State Police. “DiCrecchio and Del Borrello used their positions to increase their personal fortunes and defraud the wholesale market of millions of dollars. The Pennsylvania State Police is working with our federal partners to eradicate this type of criminal behavior and hold those involved in such activities accountable for their actions. “
DiCrecchio faces a maximum sentence of 102 years in prison, a three-year supervised release and a US $ 2,500,000 fine. Del Borrello faces a maximum sentence of 90 years in prison, a three-year supervised release and a US $ 4,500,000 fine.
The case has been investigated by the Federal Bureau of Investigation’s Organized Crime Task Force, the Internal Revenue Service – Criminal Investigation, and the Pennsylvania State Police, and is being prosecuted by Assistant Attorney General Michael T. Donovan.
An indictment, information or criminal complaint is an accusation. A defendant is presumed innocent until proven guilty.