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Banana Importer Charged with Embezzling $750k in Retirement Funds

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Thomas Hoey, a banana importer, has been charged with embezzling over $750,000 from his employees’ retirement plan. He apparently used this money to go on lavish vacations and to invest in corporate accounts.

Yahoo! News discusses the case further.

Thomas Hoey, 48, owner of now-bankrupt Long Island Banana Corp, was found guilty by a federal jury in Manhattan on charges including pension embezzlement and wire fraud, federal prosecutors said.

Dominic Amorosa, Hoey’s lawyer, said his client “is disappointed in the verdict and intends to appeal.”

[…]

Hoey’s conviction came less than a year after he was sentenced to 12-1/2 years in prison after pleading guilty to running a cocaine distribution scheme that authorities said led to the death of a woman who joined him in a three-way sex party.

The April 2015 federal sentence came two months after Hoey was ordered to serve one to four years in prison for beating his girlfriend in 2012. A state court jury found him guilty of third-degree assault and tampering with evidence in that case.

In the latest case, prosecutors said that from 2009 to 2012, Hoey transferred almost all of the assets in his company’s employee benefit plan to corporate accounts.

Hoey argued in court that the money was borrowed from his company instead of stolen.

 

Photo by Gideon via Flickr CC License

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