Businessman Pleads Guilty to NJ Fraud
A Pennsylvania man has pleaded guilty to money laundering charges in a case in which investigators say he stole more than $2.3 million from two New Jersey companies run by his wife's family.
New Jersey's attorney general says 52-year-old Michael Geiger of Newtown, Pa., entered his plea Tuesday in Burlington County.
Prosecutors say Geiger abused his position as the CEO of American Casein Company and American Custom Drying Company in order to embezzle funds which he used to buy a Porsche and two vacation homes. The Burlington Township companies were owned by his wife's extended family.
Geiger's wife was also charged. Prosecutors have agreed not to oppose her application for pre-trial intervention, as part of Geiger's plea agreement.
He could face up 12 years in prison at his October sentencing.
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