So Called Debt Collector Scams Seventeen Victims Out Of Money
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A bill collector in Williamsville recently pleaded guilty to fooling a local bank in a fraud that caused his nearly two dozen victims to lose $440,000. Noah Schapiro, the man who ran the fraud was informed by the State Supreme Court that he will most likely face a prison term of six to twelve years and will that he will be forced to sign confessions of judgment for his whole scam to seventeen debt investors and the Citizens Bank.
Talking in a low tone that caused the judge to tell him periodically to speak up, Schapiro pleaded guilty to grand larceny and scheme to defraud charges. He was remanded Pending his March 22 sentencing.
The State Police Investigator Therese Schroeder and Financial Crimes Prosecutor, Candace K. Vogel informed the judge that the mastermind of the scheme, a former stock broker took $388,168 from his victims in the time period ranging from March 2008 through September 2009. The victims, of course, had been promised big profits in his debt collections funds.
According to Vogel and Schroeder, Schapiro was convicted in 1998 of investment fraud and spent his investment funds either on himself or to pay off debts from the past from former investors he had taken for money before. Vogel told the judge that the bill collection scam was just "one big Ponzi scheme."
She alleged that Schapiro pulled off a check "kiting" scam to defraud the bank between May twentieth, 2009, and June eleventh, 2008 by filling out checks to other business on a bank account from Citizens Bank that he knew did not have the funds to cover those checks.
Businesses that are looking to hire out potential third party debt collections agencies can prevent this fraud from happening by taking the following precautions. Know the company you are working with, acquire the contact information, address, and name of the person in charge of accounts receivable. Ironically, pulling a credit report on this person can be of assistance as well.
Article Source: Articlelogy.com
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