Controller of Baltimore Company Indicted For Stealing over $1 Million
Baltimore, Maryland - A federal grand jury indicted Anthony Joseph Faggio, Jr., age 55, of Centreville, Maryland, today for bank fraud arising from a seven year scheme to defraud his employer, announced United States Attorney for the District of Maryland Rod J. Rosenstein.
According to the three count indictment, Faggio was hired in 1997 in the accounting department at D-S Pipe & Supply Company, Inc. located on Wicomico Street in Baltimore. He became the controller in 1999, responsible for all financial matters. From 2002 to 2009, Faggio deposited forged D-S Pipe checks made payable to himself into his personal bank account or cashed them. To cover up his theft, Faggio made fraudulent journal entries to expense accounts in the company’s records.
As a result of this scheme, Faggio fraudulently obtained $1,177,274 of D-S Pipe’s funds. The indictment seeks forfeiture of all property obtained as a result of the fraud scheme, including this amount.
Faggio faces a maximum sentence of 30 years in prison for each of the three counts of bank fraud. He is scheduled to have his initial appearance and arraignment on July 2, 2009 at 11:00 a.m.
An indictment is not a finding of guilt. An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings.
United States Attorney Rod J. Rosenstein thanked the Federal Bureau of Investigation for its investigative work and commended Assistant United States Attorney Stephen M. Schenning, who is prosecuting the case.