Friday, October 23, 2020

Former state assemblyman Terrence Goggin indicted in retail fraud scheme


A federal grand jury indicted a former state assemblyman on multiple counts of wire fraud and money laundering Monday, a Justice Department spokesman said.

The indictment, unsealed Monday in U.S. District Court, charges Terrence Goggin, a currently licensed state attorney, with four counts of wire fraud and nine counts of money laundering for allegedly running an investment fraud scheme during his time as chief executive officer of Metropolitan Coffee & Concession Company.

The company, which owned and operated four Peet’s Coffee & Tea shops in BART stations, also had permits to expand to other stations. Goggin asked private-equity investors in 2013 to put up money to help build two retail areas at BART’s Civic Center and Balboa Park stations in San Francisco.

But after investors produced the funds, Goggin, who represented a San Bernardino County district in the late 70s and early 80s, allegedly shifted them into other unapproved projects in New York City, including a since-shuttered restaurant called Preserve 24.

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According to the indictment, Goggin also directed company employees to transfer funds without appropriate approval. Some of the money went for personal projects, while a girlfriend in Thailand received transfers of thousands of dollars, the indictment charges.

Goggin, who appeared in court Monday, is not in custody and faces a Dec. 5 bail hearing and counsel appointment before U.S. Magistrate Judge Kandis Westmore. A conviction could yield a sentence of up to 20 years in prison and a fine of $250,000 for the wire fraud charges, and a maximum of 10 years and $250,000 for each money laundering violation.

Assistant U.S. Attorney Katie Medearis is prosecuting the case, which resulted from an investigation by the Federal Bureau of Investigation and the Internal Revenue Service’s criminal investigation division.

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