Just after bilking home customers, business owners and loan providers out of more than $1 million, a Saratoga Springs person pleaded guilty to cash laundering and scheme to defraud on Tuesday in Saratoga County Court docket, condition Legal professional Normal Letitia James claimed.
Shawn M. VanVeghten, 39, faces 3 to 9 a long time in jail for the Ponzi-like scheme that which include defrauding a beneficiary of a particular wants rely on, James explained in a press release. It was all carried out to finance his possess own and business enterprise charges, leaving his victims “in monetary distress …. without the need of the means to get into their properties when promised, if at any time at all” James mentioned. “Shawn VanVeghten stole and defrauded additional than a million bucks from New Yorkers and remaining home prospective buyers, personnel, and other victims in the lurch. “For many years, his victims scraped and saved to afford to pay for their aspiration properties, but VanVeghten’s crimes remaining them locked out.”