A former administrator at Yale University School of Medicine has pleaded guilty to stealing more than $ 40.5 million from the university by reselling school-funded electronics in a press release issued Monday.
Jamie Petron, 42, was recently the director of finance and administration at the Department of Emergency Medicine, a position that enabled him to purchase and approve anything under $ 10,000. But at least in early 2013, Petron used the funds to buy or buy millions of dollars worth of electronics from others, which he sent to an out-of-state business that resells them and sends the money back to Petron through Majiv Entertainment. LLC, a company where he is the head.
The DOJ’s press release said Petron used the money “for a variety of personal expenses, including expensive cars, real estate and travel.” Petron’s real-estate purchase includes three Connecticut properties that he owns or co-owns and a property in Georgia.
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In addition, Petron neglected to pay taxes on fraudulent sales, filing false federal tax returns from 2013 to 2016 where he claimed stolen electronics as business expenses. He failed to file a tax return from 2017 to 2020, which cost the U.S. Treasury 6 million.
CNN reports that the court ordered Petron to pay Yale a total of $ 40.5 million and the Internal Revenue Service more than 6 million in damages and fail to file a false tax return, and according to the FBI, Petron “estimated 90% of his computer-related purchases were fraudulent.” . “
“The university thanks the local law enforcement agencies, the FBI and the U.S. Attorney’s Office for handling their case,” Yale University spokeswoman Karen Piart told CNN. “Since the incident, Yale has worked to identify and correct gaps in its internal financial control.”
Petron was arrested on September 3, 2021, and was released on a 1 million bond pending his sentence in June.