Former CFO Of Nashville Restraunts Pleads Guilty To $1 Million Money Laundering Scheme Against American Express
Guilty Plea Came During Fourth Day of Jury Trial
Michael G. Tangredi, 23, of Nashville, pleaded guilty yesterday to money laundering, announced David Rivera, U.S. Attorney for the Middle District of Tennessee. Tangredi’s plea came after evidence and testimony during the fourth day of a jury trial in U.S. District Court. District Judge Aleta Trauger accepted the guilty plea and then discharged the jury hearing the case.
A superseding indictment in June 2013 charged Tangredi with wire fraud and mail fraud and aiding and abetting others in the execution of a wire fraud and mail fraud scheme against American Express. The superseding indictment also charged Tangredi with engaging in financial transactions using portions of the $1 million that American Express had paid them during the scheme, which occurred between May-September 2008.
“This guilty plea required the dogged determination and detailed analysis by the U.S. Secret Service to unravel a complex case and its convoluted money trail,” said U.S. Attorney David Rivera. “The defendant now stands convicted and faces a significant sentence.”
The testimony at trial was that Tangredi’s father owned three Italian restaurants in Nashville which he operated with Tangredi’s assistance as chief financial officer. Bank records introduced in evidence reflected that the restaurants had experienced significant financial stress in the months just prior to the fraud. The credit card scheme generated large sums of cash. Trial testimony also established that the fraudulently acquired funds were used to purchase a Maserati, a Bentley; and a restaurant in Hawaii.