Former Yale administrator stole $40 million, pretending to buy computer equipment for the university. Instead, she bought a fleet of luxury cars, and

By Lukas I. Alpert

Jamie Petrone believed that 90% of all laptop or computer gear orders she designed for Yale’s health-related university in excess of eight many years have been bogus.

A former administrator at the Yale College University of Medication has pleaded responsible to thieving $40 million from the school in a approximately ten years-very long pc and electronics purchasing fraud.

Federal prosecutors say Jamie Petrone, 42, applied the funds to get a fleet of luxury cars which include Mercedes, Land Rovers and Cadillac Escalades, a lot of properties in numerous states and to fork out for lavish outings.

She pleaded guilty on Monday to wire fraud and filing bogus tax returns and faces up to 30 years in jail when she is sentenced in June. Until finally then, she is free on a $1 million bond. Her lawyer didn’t right away return a concept searching for comment.

Petrone began working for Yale in 1999 and for the professional medical faculty in 2008. She experienced most lately served as the director of finance for its crisis medicine division. As aspect of her work, she was capable to authorize tools purchases without having more approvals as very long as the orders were below $10,000, prosecutors claimed.

Starting up in 2013, prosecutors explained Petrone began generating several tiny orders of tablet computer systems and other devices that have been billed to the university. She would then promote them to a small business in New York point out and have them mail dollars to the account of a wedding ceremony images and videography business she managed.

Prosecutors say that in 2021 by yourself, she acquired more than 8,000 pill computer systems, all in orders smaller than $10,000. In 1 10-week period that 12 months, she purchased $2.1 million worth of devices.

All through the eight yrs that authorities say she ran the fraud, Petrone instructed investigators that “90% of her personal computer-associated purchases were being fraudulent,” in accordance to courtroom paperwork.

To describe the purchases to college officers, Petrone would declare the gear was necessary for specified health-related experiments getting done at the faculty, according to court papers.

In a statement, Yale claimed that it at first alerted authorities very last yr just after obtaining “proof of suspected legal conduct.”

“Given that the incident, Yale has labored to detect and accurate gaps in its inner money controls,” the school claimed.

In all, prosecutors say Petrone induced $40,504,200 in losses to Yale. They also say Petrone never declared any of the earnings on her taxes, filing phony returns for 2013 via 2016, and no returns at all concerning 2017 and 2020. In complete, she defrauded the IRS out of over $6 million, according to prosecutors.

As section of her responsible plea, Petrone agreed to forfeit $560,421.14 that was seized from her accounts, two $135,000 Mercedes-Benzes, a $90,000 Selection Rover, two Cadillac Escalades and a Dodge Charger. She also has agreed to convert in excess of three attributes she co-owns in Connecticut and one more in Georgia.

-Lukas I. Alpert

 

(Finish) Dow Jones Newswires

04-04-22 1019ET

Copyright (c) 2022 Dow Jones & Organization, Inc.

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