NJ residents hired him for debt relief, got their money stolen instead
TRENTON — A man who stole nearly $300,000 from customers of his two fraudulent debt relief businesses has pleaded guilty in one of the two scams.
State authorities say Germaine Theodore faces seven years in prison when he's sentenced June 23. They say the 36-year-old Maplewood man promised customers big reductions in their monthly bills, but he instead stole their money through Ponzi schemes.
Theodore pleaded guilty Friday to a theft charge involving Jersey City-based Save My Future. He also agreed to plead guilty to another theft charge involving Maplewood-based TGC Movement, though a hearing date for that plea has not been scheduled.
Theodore also will have to pay about $250,000 in restitution to clients of TGC Movement and roughly $48,000 to clients of Save My Future.
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