The final criminal case stemming from a scheme to bilk a local company out of nearly a half a million dollars concluded Tuesday as a former employee of the company received state prison time.
Frank Corradi, 51, of Rotterdam, pleaded guilty earlier this year to charges of grand larceny, tax fraud and commercial bribe receiving, all felonies.
In return for his plea, Corradi accepted a sentence of 3 to 6 years in state prison. He received that sentence Tuesday.
Corradi worked for Plank Construction and essentially verified that work or materials had been provided, although they hadn’t, so that Plank would pay his co-conspirator. They then split the money, prosecutors have said.
The scheme netted nearly $466,000 over the year it was in operation, prosecutors have said. Corradi admitted to taking the money between Jan. 4, 2013 and Jan. 9, 2014.
Another man, Paul DiCocco, 43, pleaded guilty last year to related charges, admitting to laundering proceeds. DiCocco received his expected five years probation at his August sentencing. DiCocco had been an employee at William M. Larned & Sons at the time.
Prosecutors dropped charges against a third man charged related to the scheme, Timothy Larned, owner of William M. Larned & Sons, as part of a plea deal involving the company. Larned maintains his innocence.
The company, through its attorney, pleaded guilty in May to two counts of first-degree falsifying business records, a felony.
Larned & Sons admitted two instances of entering false business records to conceal thefts from Plank Construction of Schenectady. The two instances involved two checks totaling $45,000 from 2012.
Larned & Sons paid $77,000 in restitution and $100,000 in fines.
The company’s sentence also included a three-year “corporate integrity agreement” to ensure an outside auditor monitors the company’s books. The agreement is expected to cost Larned & Sons $250,000 more. Reports will be sent to the Schenectady County District Attorney’s Office.
Prosecutor Jennifer Assini, of the Schenectady County District Attorney’s Office, noted the conclusion of the criminal prosecutions and the ongoing corporate integrity agreement with Larned & Sons.
“We take it seriously,” Assini said of financial crime, “and the repercussions can include prison, as well as restitution.”
There are also tax obligations.
Corradi is responsible for $150,000 in restitution, with some overlap from DiCocco and the company.
Corradi was represented by attorney Joseph Granich. He could not be reached for comment later. Judge Matthew Sypniewski presided.
Reach Gazette reporter Steven Cook at 395-3122, [email protected] or @ByStevenCook on Twitter.
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Categories: Business, News, Schenectady County