An Old Forge man pleaded guilty Monday to federal money laundering charges.
John Festino, 66, entered the plea before U.S. District Judge Julia K. Munley, according to the United States attorney’s office for the Middle District of Pennsylvania.
Festino, a former field engineer employed by a multinational telecommunications company, devised a scheme to fraudulently obtain telecommunications equipment owned by his employer and resell the property to third-party buyers beginning in or about December 2024 and continuing through July 2025, according to a news release from U.S. Attorney Brian D. Miller.
Festino was a field engineer for Sprint in the Scranton/Wilkes-Barre region. His service area ran from Binghamton, New York, to the Maryland/Pennsylvania line — covering the Central Pennsylvania region, according to court papers.
Festino advertised the sale of stolen equipment via the internet, including on eBay. In total, 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 value of the stolen equipment is approximately $2.2 million.
The matter was investigated by the Internal Revenue Service. Assistant U.S. Attorney Tatum R. Wilson is prosecuting the case.
The maximum penalty under federal law for this offense is 10 years’ imprisonment and a fine of $250,000. A sentence following the finding of guilt is imposed by the judge after consideration of the applicable federal sentencing statutes and the federal sentencing guidelines.