Franklin S. Marone, 55, of Queens faces a decade or more in prison after the stockbroker and part-time member of the Windham Mountain ski patrol stole $5.4 million from fellow patrollers.
Marone pleaded guilty in 2004 to grand larceny in a investment scheme dubbed “Patrollers Capital Funds’. He now faces 6 – 18 years in prison after he failed to pay back $1.2 Million to his victims.
According to the timesunion.com, Marone created phony emails and account statements to show growth in the fund but state prosecutors said the documents were part of an elaborate scheme to funnel the money into Marone own account.
Marone legal issues were compounded when it was found out that documents he had filed with the court claimed he had no income or assets. In reality Marone received $55,000 in checks payable to himself or cashed on his accounts. Allegations emerged durning a restitution hearing that he used the money to upgrade his Jeep Wranglers with over-sized tires, a light bar and other equipment. He spent $18,000 for gym and spa members ships and spent another $4,000 on a cruise.
After the hearing, Marone pleaded guilty to the false filing and perjury charges. Marone will now be sentenced to a total of 10 to 29 years in prison when he goes before Greene County Judge Terry Wilhelm for sentencing on the new conviction.
“After already being convicted once, the defendant showed no remorse for his prior victims and completely disregarded the law,” Attorney General Barbara Underwood said.