61°
The Information alleges that Caesar DiCrecchio, 60, of Vorhees, NJ, had control over every aspect of the Market, including the expenditure of funds, and was required to report on the Market’s finances to its Board of Directors, according to Acting United States Attorney Jennifer Arbittier Williams.
DiCrecchio defrauded the market by using company funds to pay $1.9 million in rent on his Stone Harbor, New Jersey house by converting into cash $1.1 million in checks drawn on the Market’s bank account, Williams said.
He used the cash solely for his own benefit causing $1.7 million in checks to be issued from the Market operating account payable to his friends or relatives, Williams said.
He also paid for his personal credit card expenditures by converting $320,000 in checks that were payable to the Market, Williams said.
The former CEO used $2.6 million in cash from the pay gate at the Market’s parking lot, to pay Market employees ‘under the table’ while keeping a substantial portion for his own use, Williams said.
He also reportedly used market funds to provide a $180,000 loan to a Market vendor, which the vendor repaid directly to DiCrecchio, Williams said.
He allegedly concealed the payments in the market's records by directing that the payments be reflected as legitimate business expenditures such as maintenance, snow removal, insurance, legal fees, and other false entries, Williams said.
The Information also alleges that DiCrecchio committed aggravated identity theft by cashing checks at a currency exchange using the name of an unwitting victim as the payee, Williams said.
Further, it is also alleged that he conspired to engage in money laundering by agreeing with two unnamed individuals to conduct repeated transactions by converting market funds into money orders at a currency exchange so that he could pay the rent at his shore house, Williams said.
In total, DiCrecchio reportedly laundered approximately $319,736, Williams said.
According to a second Information, Thomas Del Borrello, 42 of Sewell, NJ, a former supervisor at United Check Cashing on South Broad Street in Philadelphia, was charged for filing false currency transaction reports in connection to DiCrecchio's laundering scheme, Williams said.
DiCrecchio reportedly regularly caused groups of checks to be delivered to and cashed at, United Check Cashing, Wiliams said.
The checks were each made out for less than $10,000, but when cashed as a group generated in excess of $10,000, Williams said.
For cash transactions in excess of $10,000, regulations require the currency exchange to file a currency transaction report, recording the identity of the person who presented the transaction, Williams said.
Del Borrello allegedly filed the false transaction reports which hid DiCrecchio’s identity, and failed to file any reports at all, Williams said.
Lastly, the Information alleges that DiCrecchio willfully attempted to evade federal income tax over several years, by failing to report more than $2.1 million in income for tax years 2014 through 2017, Williams said.
“Complexity will not hide crime from law enforcement,” said Williams.
“Further, and as alleged here, ‘nickel and dime’ theft – skimming small amounts here and there over many years – is just as illegal as stealing one large lump sum. The charges announced today reflect our Office’s commitment to uncovering and prosecuting complicated financial frauds.”
“Caesar DiCrecchio stands charged with a massive theft from the Philadelphia Wholesale Produce Market,” said Michael J. Driscoll, Special Agent in Charge of the FBI’s Philadelphia Division.
“Stealing business funds for personal use is fraud, plain and simple, and anyone padding their paycheck like this can expect a whole lot of attention from the FBI.”
“Willfully evading one’s tax liability is a violation of federal tax law,” said IRS Criminal Investigation Special Agent in Charge Thomas Fattorusso.
“Mr. DiCrecchio stands accused of evading taxes on millions of dollars worth of income, while Mr. Del Borrello is alleged to have, among other things, caused the filing of false CTRs which hid Mr. DiCrecchio’s identity and permitted his fraud to continue. Rest assured that IRS Special Agents are fully trained to investigate numerous types of tax and related financial crimes, and are constantly working to uncover crimes such as those charged in these cases.”
“This investigation is a perfect example of a collaborative effort between state and federal agencies,” said Sgt. Brandon Corby, Commander, Eastern Organized Crime Task Force, Pennsylvania State Police.
“DiCrecchio and Del Borrello utilized their positions to further their personal wealth and defraud the Wholesale Produce Market of millions of dollars. The Pennsylvania State Police along with our federal partners are committed to eradicating this type of criminal behavior and hold those engaged in such activities accountable for their actions.”
DiCrecchio is charged with two counts of wire fraud, one count of conspiracy to commit wire fraud, one count of money laundering conspiracy, one count of aggravated identity theft, and four counts of tax evasion.
He faces a maximum sentence of 102 years in prison, a three-year period of supervised release, and a fine of $2,500,000.
Del Borrello is charged with eight counts of aggravated false filing of a currency transaction report and one count of aggravated failure to file a currency transaction report.
He faces a maximum sentence of 90 years in prison, a three-year period of supervised release, and a fine of $4,500,000.
The case was 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 Assistant United States Attorney Michael T. Donovan.
Click here to follow Daily Voice Drexel Hill-Upper Darby and receive free news updates.
