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Margaret Boisture, of Windsor, pleaded guilty on Tuesday, July 19, to one count of wire fraud affecting a financial institution, according to Vanessa Roberts Avery, United States attorney for the District of Connecticut.
The US Attorney's Office said Boisture worked as the chief financial employee of ZoneFlow Reactor Technologies, a pre-revenue company that works to develop technology that improves the efficiency of production of hydrogen.
Avery reported that PayPal marketed and serviced commercial loans from WebBank.
Between about October 2016 and February 2020, Boisture defrauded ZoneFlow, PayPal, and WebBank, diverting ZoneFlow funds to herself, Avery reported.
She would take unauthorized loans that caused ZoneFlow to pay additional interest expenses, according to the announcement.
The US Attorney's Office said Boisture also provided misrepresented information to WebBank and PayPal so they would make unauthorized loans to ZoneFlow that increased the pool of money she could take from.
She ultimately caused losses of $632,159.78 to ZoneFlow and $78,066.76 to PayPal and WebBank, Avery reported.
She is released on $500,000 pending sentencing, which hasn't been scheduled yet, the report said.
The case was investigated by the Federal Bureau of Investigation.
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