ALBANY, NEW YORK – John R. Paeglow III, 64, of Troy, New York, pleaded guilty today to defrauding a trade finance company. The company paid more than $ 400,000 to Paeglow’s book printing business for the right to collect payment for sales of books that were not in fact sold or shipped.
The announcement was made by Acting United States Attorney Antoinette T. Bacon and Jonathan Mellone, Special Agent in Charge, New York Region, United States Department of Labor, Office of Inspector General (DoL -OIG).
As part of his guilty plea to 10 counts of electronic fraud, Paeglow admitted that between October and December 2014, he fraudulently solicited and received over $ 400,000 on behalf of his book printing business. based in Castleton, New York, Integrated Book Technology. , Inc./Hamilton Printing (“IBT / Hamilton”). Paeglow caused the submission of fraudulent invoices and forged shipping documents to a New Jersey-based trade finance company, which paid him money based on sales of books and shipments that Paeglow forged .
As part of his plea deal, Paeglow agreed to pay full restitution to the victim’s finance company. Paeglow also agreed to pay $ 11,410 in restitution to reimburse the union that represented the IBT / Hamilton employees that Paeglow was accused of embezzling.
Sentencing is slated for December 9, 2021 in Albany, before U.S. Senior District Judge Frederick J. Scullin Jr. Paeglow is sentenced to a maximum of 20 years in prison, with a fine of up to up to $ 250,000 or double the monetary gain. to the defendant or loss to any victim, and a supervised release period of up to 3 years. A defendant’s sentence is imposed by a judge based on the particular law the defendant is accused of violating, US sentencing guidelines, and other factors.
This case was the subject of a joint investigation by the United States DoL-OIG and the New York State Police Financial Crimes Unit, and is being prosecuted by United States Assistant Prosecutor Emmet J. O’Hanlon.