Woodbridge Man Charged With Defrauding Milford Company Of More Than $1 Million
Deirdre M. Daly, United States Attorney for the District of Connecticut, today announced that GIOVANNI MASUCCI, also known as John Masucci, 46, of Woodbridge, was arrested yesterday on an indictment that charges him with defrauding a Connecticut company of more than $1 million.
MASUCCI appeared today before U.S. Magistrate Judge William I. Garfinkel in Bridgeport, entered a plea of not guilty and was ordered detained pending a hearing that is scheduled for July 17.
According to the indictment, MASUCCI operated a financial consulting business in North Haven. As part of his business, he provided financial consulting services to a company located in Milford and had access to the company’s checkbooks and financial ledgers. From approximately July 2011 to May 2014, it is alleged that MASUCCI defrauded the Milford company by diverting company funds to his own bank account. He then used the funds to pay personal expenses, including travel and lodging expenses, and purchases at several high-end retailers. It is further alleged that MASUCCI created false entries in the corporate check ledger that falsely indicated the checks were written for legitimate business purposes. MASUCCI would typically forge the signature of the authorized company representative on the check.
On July 9, 2014, a federal grand jury sitting in New Haven returned an indictment charging MASUCCI with four counts of wire fraud and three counts of mail fraud. Each charge carries a maximum term of imprisonment of 20 years and a fine of up to $250,000.
U.S. Attorney Daly stressed that an indictment is only a charge and is not evidence of guilt. Charges are only allegations, and a defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.
This matter is being investigated by the Connecticut Financial Crimes Task Force, the United States Secret Service and the Greenwich Police Department. The case is being prosecuted by Assistant U.S. Attorney Ray Miller.
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