The former chief financial officer of a Connecticut company has been indicted by a federal grand jury charging him with fraud offenses.
Torrington Joseph Nader, 53, the CFO of RAM Specialty Fabrications, a company specializing in sheet metal fabrication services in Naugatuck, was charged in a six-count indictment by a federal grand jury in New Haven, U.S. Attorney John Durham announced.
It is alleged that from 2013 through February 2017, while serving as CFO, Nader defrauded his company by making false representations to the company’s owners regarding the company’s financial status.
Durham said that Nader allegedly created a false bank statement depicting a balance of over $185,000 in a company account, when the balance was significantly less, and then provided that false bank statement to an outside accounting firm for preparation of the company’s year-end financial statements.
Due to Nader’s misrepresentation of the company’s financial solvency, the company issued bonuses to him and other employees in amounts they would not otherwise have received had the true financial position of the company been known, Durham said.
The indictment further alleges that Nader sent false invoices and packing lists to a customer of the company to reflect products purportedly purchased by the customer, causing the customer to pay more than $100,000 for products that had not been purchased or shipped.
Nader also allegedly manipulated the company’s payroll system to make it overpay him. He’s been charged with six counts of wire fraud. If convicted, Nader faces up to 20 years in prison on each count. No return court date has been announced.
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