Former Baltimore Company Controller Sentenced to over 4 Years in Prison for Stealing over $1 Million

Stole Increasing Amounts of Money over a Seven Year Period

October 9, 2009

Baltimore, Maryland - U.S. District Judge J. Frederick Motz sentenced Anthony Joseph Faggio, Jr., age 55, of Ocean City, Maryland, today to 51 months in prison followed by five years of supervised release for bank fraud in connection with a seven year scheme to steal $1,177,274 from his employer, announced United States Attorney for the District of Maryland Rod J. Rosenstein. Judge Motz also entered an order of forfeiture and an order of restitution, each for $1,177,274.

According to his plea agreement, Faggio was hired in 1997 in the accounting department of D-S Pipe & Supply Company, Inc. located in Baltimore. Faggio was promoted to controller in 1999, and was responsible for all financial matters. Checks drawn on the company’s operating bank accounts required two authorized signatures. Faggio was authorized to sign the checks, and typically either the president or vice president provided the second signature.

Beginning in April 2002 and continuing to February 2009, Faggio cut checks payable to himself and forged the second signature. He deposited the forged checks into his personal account or cashed the checks. To cover up the theft, Faggio made false journal entries, characterizing the forged checks as charges under expense accounts. As controller, Faggio was trusted to reconcile the checks to the bank statements.

During the seven year scheme, Faggio fraudulently obtained a total of $1,177,274. He began by stealing $71,625 in 2002 and kept stealing more money each year, as much as $226,081 in 2008.

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 prosecuted the case.



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