<\/p>\n
SCRANTON \u2014 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.<\/p>\n
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.<\/p>\n
In total, the news release says, Festino received approximately $434.550 in his personal bank accounts from the sales of stolen equipment.<\/p>\n
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.<\/p>\n
Festino\u2019s former employer estimated that the value of the stolen equipment is approximately $2.2 million.<\/p>\n
Festino pled guilty to money laundering before U.S. District Court Judge Julia K. Munley earlier this week.<\/p>\n
The investigation was coordinated by the Internal Revenue Service.<\/p>\n
Assistant U.S. Attorney Tatum R. Wilson prosecuted.<\/p>\n
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