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Times Union timesunion.com 15 Sep, 2021 20:15 am

Wilton construction company owner gets prison time in $1M scam

Wilton construction company owner gets prison time in $1M scam
A construction company owner was sentenced to 2 1/3 to 7 years in prison Wednesday and...

“New Yorkers spend their lives saving for their dream home, so those who steal only to leave our state’s residents struggling to keep a roof over their heads will see the full force of our office come down on them,” James said in a statement released by her office.In total, he used about $400,000 in embezzled funds for his own personal use, including buying and renovating a property in Schenectady County, paying for office space in Wilton, paying down his home mortgage and other expenses, including dining, entertainment and clothing, James said.He laundered money through two companies: VanVeghten Construction, LLC and Union Modular Homes, LLC, both based in Wilton, James said.VanVeghten used the buyer’s $500,000 to pay for other projects from which he’d previously embezzled the money, James said.

” State Police audited VanVeghten’s bank accounts and described hundreds of transactions in which he used new funds “in a Ponzi-like scheme” to replace funds he’d previously embezzled.SARATOGA SPRINGS – A construction company owner was sentenced to prison Wednesday and paid $100,000 in partial restitution to homebuyers, business owners and lenders he defrauded out of more than $1 million.

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