PaintSquare.com


The First Word in Protective & Marine Coatings

A Product of Technology Publishing / PaintSquare
JPCL | PaintSquare News | Durability + Design | Paint BidTracker

Register Now for D+D 2014

Paint and Coatings Industry News

Main News Page


Construction Exec Admits $500+K Theft

Friday, June 8, 2012

More items for Program/Project Management

Comment | More

The former president of a Pennsylvania construction company is facing years in prison after pleading guilty to stealing $516,000 from the firm to support his high-flying lifestyle.

For more than seven years, prosecutors say, Thomas Bruce Stevenson, 58, spent Veneesa Construction’s money—which he had described as “loans”—on a Waverunner, a hot tub, a horse trailer and other luxury goods for himself and his wife.

 Former construction exec admits theft
Thomas Bruce Stevenson admitted stealing $516,000. He described the money as loans.

A separate civil suit also alleges that Stevenson wrote a paycheck to his dead son on the company’s account.

Stevenson, of Jamison, PA, pleaded guilty Tuesday (June 5) in the case, reported phillyburbs.com.

Forgeries and Fraud

As president, Stevenson oversaw the company’s construction projects, authorities said.

They said Stevenson had used a stamp to forge the signature of Veneesa owner Joseph Ventresca and had created dummy tax and loan records to divert funds from the company, based in Chalfont, PA, outside Philadelphia.

From 2000 to 2007, prosecutors said, Stevenson wrote checks to himself and to family members.

The scheme unraveled when Ventresca became suspicious and hired a forensic auditor to examine discrepancies in the company’s accounts, prosecutors told phillyburbs.com.

Stevenson’s lawyer told the news site that Stevenson “took responsibility right away” for the fraud.

“He has never denied his responsibility, but there remains a question about what he was entitled to,” said attorney Richard Fink.

The answer to that question is now the subject of a civil suit by Joseph Ventresca and his wife.

Stevenson faces more than five years in prison when he is sentenced. Meanwhile, he is out on bail.

CFO Faces Trial

While free, however, Stevenson is expected to have one more job: testifying in the upcoming trial of Michael LoStracco, Veneesa’s former accountant and chief financial officer. That trial begins June 18.

Prosecutors say LoStracco helped Stevenson create bogus records and falsify the company’s tax records to hide the thefts, siphoning off $106,000 in the process.

Stevenson and LoStracco were charged in September with theft by deception, theft by unlawful taking, receiving stolen property and conspiracy. Stevenson was also charged with forgery and identity theft. LoStracco was also charged with failure to make required disposition of funds after a federal investigation found that employee 401(k) contributions withheld from paychecks had not been deposited in accounts.

At the time, Fink dismissed the charges as “a lawsuit gone wild,” reports said.

   

Tagged categories: Business matters; Construction; Laws and litigation

Comment Join the Conversation:

Sign in to our community to add your comments.

SAFE Systems, Inc.
Custom blast rooms
by SAFE Systems

Don't waste time and money "making do" with a "standard" design. Let us work with you to design and build the
system that best fits
your requirements.
Call 1-800-634-7278


JPCL Europe
Special EMEA edition!

Now, the publisher of JPCL offers essential news and knowledge for protective and marine coatings professionals in Europe, the Middle East and Africa: www.jpcleurope.com


Safety Lamp of Houston, Inc.
Wet & hazardous area lighting solutions from SAFETY LAMP of Houston

New WOLF LED and fluorescent lights are now available, including low voltage tank lighting kits.
Call: (281) 964-1019.


CS Unitec
Surface Prep Tools for Hazardous Conditions

CS Unitec's Trelawny™
line of surface prep tools
is safe and efficient for
use in marine & protective coatings applications including Ex Zones & Hot Work Zones.


Stable Lead (maker of FESI-BOND)
The ultimate lead stabilizing blast additive.

Stable Lead’s FESI-BOND BLAST X1, the only green, nontoxic, lead stabilizing additive in the abrasive blast and paint industry; X1 is transforming our industry!


LS Industries
LS Blasters: Optimum Steel Cleaning Efficiency

Simplify surface prep with the precise shot control of LS Blasters. Our blast technology delivers optimum coverage and finish. 800-533-8008


Spider, a Division of SafeWorks, LLC
Complete Suspended Access Solutions

Need Access? From platforms & hoists to rigging & fall protection, Spider leads the industry in rentals, sales & service.
Call today: 877-774-3370

 
 
 
Technology Publishing

The Technology Publishing Network

The Journal of Protective Coatings & Linings (JPCL) PaintSquare
Durability + Design Paint BidTracker JPCL Europe

 
EXPLORE:      JPCL   |   PaintSquare News   |   Interact   |   Buying Guides   |   Webinars   |   Resources   |   Classifieds
REGISTER AND SUBSCRIBE:      Free PaintSquare Registration   |   Subscribe to JPCL   |   Subscribe to PaintSquare News
MORE:      About PaintSquare.com   |   Privacy policy   |   Terms & conditions   |   Site Map   |   Search   |   Contact Us
 

© Copyright 2000-2014, Technology Publishing / PaintSquare, All rights reserved
2100 Wharton Street, Suite 310, Pittsburgh PA 15203-1951; Tel 1-412-431-8300; Fax 1-412-431-5428; E-mail webmaster@paintsquare.com