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Joseph Geromini of Linwood, NJ, allegedly embezzled hundreds of thousands of dollars from his former employer, a Philadelphia-based technology start-up, according to a grand jury indictment.
A separate but related complaint by the U.S. Securities and Exchange Commission accuses the former chief operating officer of spending much of the embezzled money on lavish personal expenses, including:
- buying a Land Rover,
- leasing a summer home on Nantucket Island,
- buying Philadelphia 76ers basketball tickets with suite access,
- paying for a friend's plastic surgery, and,
- renting a hotel room in Texas so he could participate in a local Ironman competition.
The grand jury indictment, unsealed Wednesday in Trenton, charges Geromini of 10 counts of wire fraud and two counts of securities fraud, according to Acting U.S. Attorney Rachel Honig.
Geromini was the COO for a Philadelphia company that specialized in diagnostic testing of various diseases, Honig said.
While the grand jury indictment doesn’t name the "Victim Philadelphia "Company," the SEC complaint identifies the victim as Group K Diagnostics.
Geromini began working for Group K in 2018, through his consulting business, Xanitos Marketing LLC, which shares his home address in Linwood, according to the federal complaints.
The wire fraud counts each carry a maximum of 20 years in federal prison and a $250,000 fine.
The securities fraud counts each carry a maximum of 20 years in prison and a $5 million fine.
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