Wednesday, January 27, 2010
Former New Jersey Executive Sentenced In $6.2 Million Embezzlement Case
John "Jack" W. Manning, 54, of Millington, New Jersey, was sentenced to five years in prison for embezzling some $6.2 million from American Leasing Corporation, a vehicle and equipment leasing company based in Essex County, New Jersey, for which he had served as president. Manning, who was also ordered to pay full restitution, pleaded guilty in July to one count of wire fraud. Prosecutors alleged Manning devised a "complex series of sale and leaseback transactions" to issue checks to phony corporations he created with names similar to actual company clients. Manning then deposited the checks into accounts he controlled and used the money to buy beachfront property and a restaurant and for travel and other personal expenses. Manning's scheme allegedly lasted from July 2004 until February 2009, according to the criminal Information. Manning had reportedly been employed by the company for 25 years.
Read the criminal Information here.