CFO Of NJ Vending Company Accused Of Fraud

Federal agents on Thursday arrested the chief financial officer of a New Jersey-based vending company on charges of defrauding Pepsi Bottling Group of nearly $3 million.

Joseph Belasco was indicted on one count of conspiracy to commit mail fraud, five counts of mail fraud and one count of money laundering.

Prosecutors allege the 62-year-old Cedar Grove resident received commissions for customer referrals for which he was not responsible between 1998 and 2008.

Belasco is CFO of Culinary Ventures Vending, which places and stocks vending machines. Prosecutors say he created a subsidiary to provide Pepsi with leads for acquiring new customers. In return, Belasco and the subsidiary would receive commissions and rebates as long as a client remained a Pepsi client.

Belasco is expected in Newark federal court on Thursday afternoon.

(Copyright 2012 by The Associated Press. All Rights Reserved.)