4/3/2012 12:32:00 AM
NEWS BRIEFS
Three Guilty of ‘Looting’ Fastener Company Funds
A former insurance agent for a New York-based defense contractor and his two friends admitted stealing $1.4 million from Ozone Park, NY-based Fastener Dimensions Inc., U.S. Attorney Paul J. Fishman announced.
Fastener Dimensions, located between JFK and LaGuardia airports, manufactures and distributes fasteners and other components for aerospace and military clients.
The three New Jersey men — Daniel Tumminia, 49, of Millstone; Michael Feuer, 47, of Freehold; and Dennis Mannarino, 45, of Manalapan, — pleaded guilty before U.S. District Judge Joel A. Pisano in Trenton federal court to information charging them with conspiracy to commit wire fraud, according to a press release from Fishman.
Tumminia was an insurance agent for Massachusetts Mutual Life Insurance Co. handling all pension and profit sharing accounts and life insurance policies for the fastener company’s employees.
“From July 2004 through August 2010, Tumminia and his two friends—Feuer, a practicing attorney from 1990 through 2001 and the owner of Cypress Lawn Care, a landscaping company in New Jersey; and Mannarino, the owner of J&D Italian Specialty Meats, delicatessens located in New Jersey and New York—enriched themselves by diverting life insurance premium payments and pension and profit sharing checks belonging to Fastener’s employees into bank accounts that they controlled.”
“In April 2008, Feuer incorporated and listed himself as the registered agent and officer of MassMutual Contracting Corp., a limited liability company that never performed any services for Fastener or any other clients, but was created by Feuer and Tumminia solely to falsely represent to Fastener that it was the real MassMutual. Feuer and Tumminia deposited $574,279 from Fastener into the MassMutual Contracting Corp. bank account.”
The U.S. attorney said Tumminia, Feuer, and Mannarino conducted 133 transactions, including interstate wire transfers, totaling $1,437,542 in deposits into bank accounts that they controlled. The men reportedly used the money for cash and utility bills.
As part of their guilty pleas, Tumminia, Feuer, and Mannarino have agreed to make full restitution for all losses resulting from their crimes to the employees of Fastener Dimensions. Tumminia has agreed to forfeit $1,198,278. Feuer has agreed to forfeit $115,963 and Mannarino has agreed to forfeit $10,000.
The conspiracy to commit wire fraud charges carry a maximum potential penalty of 20 years in prison and a $250,000 fine. The sentencings are scheduled for July 9, 2012.
Fastener Dimensions is a manufacturer and distributor of AN, MS, NAS screws, nuts and bolts, hydraulic fittings, aircraft, aerospace and military components and specials to print. Fastener Dimensions stocks two million line items and is headed by president Darryl Hinkle. Fastener Dimension’s warehouse is located at 94-03 104th St.,Ozone Park, NY 11416. Tel: 718 847-6321E-mail: info@fastdim.com Web: fastenerdimensions.com
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