PaintSquare.com
      | Connect Follow us on Twitter Like us on Facebook
About | Subscribe | Advertise
  

 

Download our free ebook on Abrasive Blast Cleaning

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.

Chicago Corrosion Group
Vendor-neutral corrosion consulting

What you don’t know about painting is costing you a fortune. Call today to see how CCG’s vendor-neutral, owner’s advocacy saves our clients millions.


PPG Protective and Marine Coatings Group
Industrial strength performance in ONE can.

Now get the durability and protection of two components in one can: Amercoat® ONE, PSX® ONE and Sigmadur ONE.


SSPC: The Society for Protective Coatings
http://www.sspc.org/

Join SSPC and Enhance
Your Career !


Ethox Chemicals LLC
Ethoflex® ER instantly upgrades your epoxy!

The only epoxy additive that improves flexibility, corrosion resistance, toughness, and adhesion, without hurting pot life, cure time, or increasing VOCs.


Armorthane
Polyurethane and Polyurea Sprayed-On Protection

Buy POLYURETHANE or POLYUREA coatings and spray equipment for years of proven chemical resistance, water- and weather-proofing, and structural improvements.


SAFE Systems, Inc.
Portable Dust Collectors for Tough Environments

Trailer and skid-mounted models in numerous sizes, powered by electric and/or diesel. Sloped roofs, multiple dust inlets, high static, dampered fans. Lockable power & drive compartments.


CS Unitec
Work Cleaner and Safer

CS Unitec’s Vibro-Lo low-vibration scalers offer high performance for greater productivity & improved operator comfort. Optional dust shroud. info@csunitec.com


Polygon
POLYGON - Temporary Humidity Control

We specialize in innovative climate control solutions for industrial painting, utilizing alternative energy sources and combining desiccants with heating or cooling.


Safway Services
Suspended Access Made Easy With QuikDeck™

The smart choice for suspended access, QuikDeck’s interchangeable, lightweight components make them easy to set up and reassemble when you need to move.


Armakleen Company, The
ARMEX when nondestructive cleaning is critical

ARMEX the original baking soda blast abrasive is a brand of Church & Dwight Co., Inc. makers of ARM & HAMMER products since 1896.

 
 
 
Technology Publishing

The Technology Publishing Network

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

 
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 2000-2015, 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