Former financial consultant charged for $505,000 scheme
A criminal information was filed today charging Domenic Ruggiero, age 38, of Middleburg Heights, Ohio, with one count of making, uttering and possessing counterfeit securities of an organization, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio.
The information charges that between on or about October 10, 2007, and on or about March 24, 2008, while employed as a financial consultant by Charter One Financial Services, Ruggiero knowingly made, uttered and possessed five counterfeit and forged irrevocable letters of credit with face amounts ranging from $55,000 to $200,000 each, totaling $505,000, with the intent to deceive another person or organization.
If convicted, the defendant’s sentence will be determined by the Court after review of factors unique to this case, including the defendant’s prior criminal record, if any, the defendant’s role in the offense and the characteristics of the violation.
This case is being prosecuted by Assistant U.S. Attorney Robert W. Kern of the Cleveland U.S. Attorney’s Office, following an investigation by the Cleveland Office of the United States Secret Service.
An information is only a charge and is not evidence of guilt. A defendant is entitled to a fair trial in which it will be the government's burden to prove guilt beyond a reasonable doubt.