Quarter horse breeder nods to $US53m fraud
Quarter Equus caballus breeder Rita Crundwell has admitted ripping off the modest Illinois metropolis of Dixon of to a greater extent than than $US53 1000000 piece serving every bit its fiscal controller.
Crundwell pleaded guilty to a federal fraud accuse on Wednesday, admitting that she stole the cash over a 22-year period.
She used the proceeds to finance her quarter Equus caballus farming employment organisation too lavish lifestyle.
Crundwell also agreed that she engaged inward illegal coin laundering every bit role of her plea understanding amongst the government.
Crundwell, 59, formerly of Dixon, faces a maximum judgement of xx years inward prison theater too a $US250,000 fine, or a fine totaling the greater of twice the gross gain or loss from her crime.
The authorities anticipates that the advisory the States Sentencing Guidelines attain volition live on fifteen years too viii months to xix years too 7 months, piece the defense forcefulness compass is that the advisory attain is 12 years too 7 months to fifteen years too viii months.
The plea understanding allows the authorities too defense forcefulness attorneys to recommend whatever judgement they deem appropriate.
Crundwell remains at large awaiting sentencing, which Senior United States District Judge Philip Reinhard prepare for Feb xiv side past times side year.
Crundwell agreed that she owes restitution to the metropolis of Dixon totaling $53,740,394, minus whatever credit for funds repaid earlier sentencing.
She also agreed to the entry of a forfeiture judgment inward the same amount.
Since her arrest on Apr 17, Crundwell has agreed to the sale of assets bought amongst proceeds from her decades-long fraud scheme.
To date, the the States Marshals Service has recovered close $US7.4 1000000 from the online too alive auctions of close 400 quarter horses, vehicles, trailers, tack, too a luxury motor home, amongst additional auctions of personal belongings too existent estate inward Illinois too Florida nonetheless pending.
The cyberspace proceeds from the forfeited holding volition live on held inward escrow pending farther proceedings on restitution to Dixon City.
Under federal law, the authorities may run past times away on to seek additional assets of a accused too obtain restitution for upward to xx years after a accused is released from prison.
Gary Shapiro, acting United States Attorney for the Northern District of Illinois, said: “Since the commencement of this case, nosotros convey used every available means, including both criminal too civil forfeiture proceedings, to ensure the recovery of every bit much coin every bit possible for the City of Dixon, its residents too taxpayers.”
Shapiro praised the FBI agents who conducted the investigation too the United States Marshals Service for its efficient administration of the seized assets.
He announced the guilty plea amongst William Monroe, acting particular agent inward accuse of the Chicago Office of the FBI, too Daryl McPherson, United States Marshal for the Northern District of Illinois.
Dixon, amongst a population of close 15,733, is 100 miles southwest of Chicago.
Crundwell served every bit comptroller (financial controller) too handled all of the city’s finances from 1983 until she was arrested inward April.
According to the plea agreement, on Dec 18, 1990, Crundwell opened a banking concern account, which she lone controlled, inward the advert of the metropolis of Dixon too RSCDA, known every bit the RSCDA account.
Between Dec 1990 too Apr 2012, Crundwell used her compass every bit comptroller to transfer funds from Dixon’s Money Market employment organisation human relationship to its Capital Development Fund account, every bit good every bit to diverse other metropolis banking concern accounts.
She too then repeatedly transferred metropolis funds into the RSCDA employment organisation human relationship too used the coin to pay for her personal too individual employment organisation expenses, including horse-farming operations, personal credit menu payments, existent estate, too vehicles.
As role of the fraud scheme, Crundwell created fictitious invoices purported to live on from the province of Illinois to demo the city’s auditors that the funds she was fraudulently depositing into the RSCDA employment organisation human relationship were existence used for a legitimate purpose.
In i illustration described inward the plea agreement, on September 8, 2009, Crundwell wrote checks for $US150,000 too $US200,000 drawn on ii of the city’s multiple banking concern accounts.
She deposited both checks into Dixon’s Capital Development Fund employment organisation human relationship and, afterwards the same day, wrote a banking concern check for $US350,000 payable to “Treasurer” too deposited that banking concern check into her hush-hush RSCDA account.
Crundwell created a fictitious invoice to back upward the payment of $350,000 to the province of Illinois that falsely indicated the payment was for a sewer projection inward Dixon that the province completed.
Later, on September 8, 2009, Crundwell wrote a banking concern check drawn on the RSCDA employment organisation human relationship for $US225,000, which she deposited into her personal quarter Equus caballus account. She used that coin to comprehend a $US225,000 check, dated September 1, 2009, drawn on that employment organisation human relationship to purchase a quarter Equus caballus named Pizzazzy.
The purchase banking concern check would non convey cleared if Crundwell had non deposited $US225,000, using metropolis funds, into her Equus caballus employment organisation human relationship on September 8.
To conceal the scheme, Crundwell told metropolis officials that the city’s budgetary shortfalls were due to the province existence belatedly inward its payment of taxation revenue to the city, knowing instead she had fraudulently transferred the city’s funds for her ain use.
Crundwell picked upward the city’s mail, including banking concern statements for the RSCDA account, to conceal the system too preclude other employees from learning close the hush-hush account.
When she was away, she asked a relative or other metropolis employees to alternative upward the post too divide whatever of her mail, including the statements for the RSCDA account, from the residuum of the city’s mail.
Dixon’s mayor reported Crundwell to police push clit enforcement authorities inward the autumn of 2011 after or thence other metropolis employee assumed her duties during an extended unpaid vacation.
Crundwell, whose annual salary was $US80,000 at the time, received 4 weeks of paid opor-garai too took an additional 12 weeks of unpaid opor-garai inward 2011.
While Crundwell was absent, her replacement requested all of the city’s banking concern statements.
After reviewing them, the employee brought the records of the RSCDA employment organisation human relationship to the attending of the mayor, who was unaware of the account’s existence.
While serving every bit Dixon’s comptroller, Crundwell also owned RC Quarter Horses LLC too kept her horses at her ranch on Red Brick Road inward Dixon too the Meri-J Ranch inward Beloit, Wisconsin, every bit good every bit amongst diverse trainers across the country.
In add-on to the horses too all of their equipment, amid the assets seized or restrained were Crundwell’s ii residences too Equus caballus farm inward Dixon; a habitation inward Englewood, Florida; lxxx acres of vacant soil inward Lee County; a 2009 luxury motor home; to a greater extent than than a dozen trucks, trailers, too other motorized farm vehicles; a 2005 Ford Thunderbird convertible; a 1967 Chevrolet Corvette roadster; a pontoon boat; jewelry; too close $224,898 inward cash from ii banking concern accounts.
The authorities is represented inward the illustration past times Assistant United States Attorneys Joseph Pedersen too Scott Paccagnini.
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