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July 19, 2017

Posted  July 19, 2017

New Jersey announced that a man who stole approximately $298,000 from customers of his two debt relief businesses was sentenced to prison today. Germaine Theodore promised customers of TGC Movement in Maplewood and Save My Future in Jersey City big reductions in their monthly bills, but he instead stole their money through Ponzi schemes. Theodore, 37, of Maplewood, N.J., was sentenced today to five years in state prison by Superior Court Judge John Zunic in Essex County. He pleaded guilty before Judge Zunic on April 24 to a charge of second-degree theft by failure to make required disposition of property received in connection with TGC Movement. Under the plea agreement, the state recommended a sentence of seven years in prison, but the judge imposed a sentence of five years. NJ

Tagged in: Ponzi Schemes,