Monday, October 26, 2020

Former CFO of Boston Grand Prix charged in fraud scheme


The former chief financial officer of the Boston Grand Prix has been charged in a scheme to defraud financing companies who gave him money for ice rink he owned, federal authorities said Tuesday.

The U.S. attorney’s office said John F. Casey of Ipswich has been indicted on eight counts of wire fraud, one count of aggravated identity theft, three counts of money laundering and three counts of filing false tax returns.

An email was sent to a public defender listed as Casey’s attorney in court records.

Authorities said Casey got nearly $750,000 from financing companies, claiming he needed money for equipment at the rink he owned in Peabody, by submitting fake invoices, falsely inflated personal and corporate tax returns and other things. He also got $145,000 in small business loans for the ice rink more than two months after he sold the rink, prosecutors said.

- Advertisement -

Authorities said most of the money that was loaned to Casey was never repaid. Officials say he laundered the money he got from the fraud scheme.

Prosecutors also said Casey was paid more than $300,000 in 2015 and $600,000 in 2016 by the Boston Grand Prix organization but failed to include that in the gross income he claimed on his personal tax income.

He’s expected to make an appearance in Boston federal court on Tuesday.

Boston Grand Prix planned an IndyCar race in the city in 2016 but the event was ultimately canceled. Organizers said the city made unreasonable demands, while city officials said the race course group was disorganized.

- Advertisement -


Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...

Goldman Sachs executives to cover part payments of $3 billion fines in 1MDB scandal

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over...

Goldman Sachs agrees $3 billion settlement with US DoJ over 1MDB corruption scandal

Goldman Sachs has agreed to pay nearly $3bn (£2.3bn) in the US to end a probe of its role in Malaysia's 1MDB corruption scandal. The...

Hong Kong fines Goldman Sachs $350 million over 1MDB scandal

Goldman Sachs ignored multiple red flags over the multibillion-dollar fundraisings it arranged for state fund 1Malaysia Development Berhad, Hong Kong’s financial regulator said on...

Texas attorney general Ken Paxton fires top aide who accused him of bribery

Lacey Mase, one of the top aides who accused Texas Attorney General Ken Paxton of crimes including bribery and abuse of office, has been fired, she told The...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World


Latest News

This Week

Australian court approves $920 million Westpac money laundering fine

The Federal Court of Australia has agreed on the deal struck between the Australian Transaction Reports and Analysis Centre (AUSTRAC) and Westpac, ordering the Australian...

Fundraiser Elliott Broidy pleads guilty in foreign agent case linked to 1MDB

Major Republican Party and Trump fundraiser Elliott Broidy pleaded guilty Tuesday to acting as an unregistered foreign agent, admitting to accepting millions...

UK regulators fine Goldman Sachs £97 million over 1MDB scandal

Goldman Sachs International has been fined £96.6m by UK regulators for risk management failures connected to the 1MDB scandal. The Financial Conduct Authority and Prudential...

Crown Melbourne casino faces money laundering probe

Crown Resorts is facing a new threat to its casino licences and the prospect of multimillion-dollar fines after it was informed by Austrac, the...

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks