PHILADELPHIA – Acting United States attorney Jennifer Arbittier Williams announced that Caesar DiCrecchio, 60, of Voorhees, New Jersey, had been informed of two wire fraud charges, a wire fraud conspiracy charge, a money laundering conspiracy charge, and was charged with aggravated identity theft and four tax evasion cases allegedly causing more than $ 7.8 million in losses to the Philadelphia Wholesale Produce Market in South Philadelphia. Separately, Thomas Del Borrello, 42, of Sewell, New Jersey, has been charged by information on eight counts of grave miscalculation of a currency transaction report and a charge of grave failure to file a currency transaction report.
According to the information, DiCrecchio, the former President and CEO of Product Market, was in control of all aspects of the market, including spending on funds, and was required to report to his board of directors on the market's finances. The defendant defrauded the market by using corporate funds to pay $ 1.9 million in rent for his seaside home in Stone Harbor, New Jersey. Converting checks for US $ 1.1 million drawn in the market's bank account and using the cash for his own benefit; Soliciting checks for $ 1.7 million from the market operations account to be paid to his friends or relatives; cause the market to pay for the defendant's personal credit card expenses; Convert $ 320,000 into checks payable to the market and cash them for his own benefit; Skim $ 2.6 million in cash from the pay gate in the market's parking lot, which he used to pay under the table to market staff while keeping a significant portion for his own use; and using market funds to provide a market vendor with a loan of $ 180,000 that the vendor repaid directly to DiCrecchio. Defendant has kept these expenses hidden from the market's books and records by ordering that these payments be reported as legitimate business expenses, such as maintenance, snow removal, insurance, legal expenses and other false expense records.
The information also alleges that DiCrecchio committed aggravated identity theft by cashing checks at an exchange office using the name of an ignorant victim as the payee. It is also alleged that the defendant conspired to launder money by arranging with two unnamed people to conduct repeated money laundering transactions by converting market money at an exchange office into money orders so that he could pay the rent at his country house. In total, DiCrecchio laundered around $ 319,736 by buying money orders at the currency exchange using market funds.
According to the second information, Del Borrello was a supervisor at United Check Cashing on South Broad Street, Philadelphia, responsible for compliance with cash transaction regulations, including preparing and filing Currency Transaction Reports (CTRs). DiCrecchio regularly arranged for groups of checks to be delivered to United Check Cashing and cashed at United. These checks were made out for less than $ 10,000 each, but when cashed as a group, they generated more than $ 10,000 in US currency. For those cash transactions over $ 10,000, the regulations require the currency exchange to submit a click-through rate that includes the identity of the person who submitted the transaction. Del Borrello allegedly caused false click-through rate submissions that obscured DiCrecchio's identity or caused United Check Cashing not to submit an overall click-through rate. In some instances, DiCrecchio Del Borrello or others directed 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 in excess of $ 2.1 million for the 2014-2017 tax years. DiCrecchio did not show the proceeds of his fraud in the market as income. as well as a motor vehicle allowance, a pension allowance and consulting income that he has received from the market.
"Complexity will not hide crime from law enforcement," said acting US attorney Williams. “Also, as claimed here, stealing nickel and cents – skimming small amounts here and there over many years – is just as illegal as stealing a large lump sum. The charges announced today reflect our agency's commitment to uncovering and prosecuting complex financial fraud cases. "
"Caesar DiCrecchio is charged with massive theft from the Philadelphia Wholesale Produce Market," said Michael J. Driscoll, FBI special agent in Philadelphia. "Theft of business funds for personal use is simply a fraud, and anyone who fills their paycheck can expect a lot of attention from the FBI."
"The willful evasion of tax liability is a violation of the federal tax law," said the responsible special commissioner of the IRS Criminal Investigation, Thomas Fattorusso. "Mr. DiCrecchio is accused of evading taxes on income worth millions of dollars, while Mr. Del Borrello is alleged to have caused, among other things, false click-through rates that hid the identity of Mr. DiCrecchio and allowed his fraud to continue. Rest assured that the IRS specialty agents are fully trained to investigate numerous types of tax and related financial crimes and are constantly working to uncover crimes as charged in these cases. "
"This investigation is a perfect example of state-federal agency collaboration," said Sgt. Brandon Corby, commander of the Eastern Pennsylvania State Police Task Force on Organized Crime. “DiCrecchio and Del Borrello used their positions to promote their personal wealth and defraud the wholesale market for products worth millions. The Pennsylvania State Police and our federal partners are committed to eradicating this type of criminal behavior and holding those involved in such activities accountable for their actions. "
DiCrecchio faces a maximum sentence of 102 years in prison, a three-year prison term, and a US $ 2,500,000 fine. Del Borrello faces a maximum sentence of 90 years in prison, a three-year prison term and a fine of $ 4,500,000.
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 United States Assistant Attorney Michael T. Donovan.
An indictment, information or criminal complaint is an accusation. A defendant is presumed innocent unless and until proven guilty.