SCRANTON — A man from Old Forge pled guilty to laundering cash in a scheme where he allegedly sold telecommunications equipment from his employer for personal gain.
According to a news release from U.S. Attorney Brian D. Miller, John Festino, 66, a former field engineer employed by a multi-national telecommunications company, fraudulently obtained telecommunications equipment owned by his employer and resold the property to third-party buyers. Festino advertised the sale of stolen equipment via the internet, including on eBay.
In total, the news release says, Festino received approximately $434.550 in his personal bank accounts from the sales of stolen equipment.
During the scheme, Festino conducted a series of financial transactions involving the fraudulently obtained funds, including withdrawing large sums of cash and purchasing a new vehicle for $41,000, the news release says.
Festino’s former employer estimated that the value of the stolen equipment is approximately $2.2 million.
Festino pled guilty to money laundering before U.S. District Court Judge Julia K. Munley earlier this week.
The investigation was coordinated by the Internal Revenue Service.
Assistant U.S. Attorney Tatum R. Wilson prosecuted.