Monmouth man gets 5 years in prison for $1.3 million scam
May 11, 2009
Total Loss:
$1.3 Million
A 71-year-old Monmouth County man was sentenced yesterday to five years in prison for bilking a friend out of $1.3 million he claimed was used to buy a horse farm but authorities said was financing for a check-kiting scheme.
Valentin said McDonald "borrowed" money from an unidentified friend and business associate in 2000 allegedly to buy a horse farm in Kentucky, but actually used the money over the next six years to pay off overdrafts relating to bad checks he wrote against the Trust Company of New Jersey.
Source:
The Star-Ledger
Posted in:
Check Fraud