Gregory A. White, United States Attorney for the Northern District of Ohio, announced that a federal grand jury in Cleveland, Ohio, returned an indictment today against Paul W. Prince, charging him with one count of wire fraud.

Paul W. Prince, age 38, resides in Wickliffe, Ohio.

The indictment alleges that Prince was employed as the Chief Financial Officer and Chief Operating Officer for Pearlessence Ltd in Warrensville Heights, Ohio. The indictment further alleges that, from September 2006 through January 2007, Prince caused 27 unauthorized wire transfers totaling $1,287,330 to be made from Pearlessence’s account at Huntington National Bank. The indictment further charges that those unauthorized funds were subsequently deposited into accounts over which Prince had control at UBS Securities, JP Morgan Chase, and National City Bank. The indictment alleges that, as a result, Pearlessence sustained a loss of $1,287,330.

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. In all cases the sentence will not exceed the statutory maximum and in most cases it will be less than the maximum.

This case is being prosecuted by Assistant United States Attorney John D. Sammon, following an investigation by the Cleveland office of the Federal Bureau of Investigation.

An indictment 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.