NEWARK, N.J.-David Moro, who was scheduled to be sentenced last week after he was convicted in November of leading a $4.2 million broadcasting equipment lease and financing scheme that caused major lenders to lose more than $3 million, received a postponement to his sentencing, according to the U.S. attorney's office of New Jersey.
Moro, 51, of Pomona, N.Y., now resides with his family in North Creek and is the former CEO of Inchon LLC.
Moro was found guilty after a seven-week trial before U.S. district judge William H. Walls and was convicted of 33 counts of a 34-count indictment, according to a press release issued by the U.S. attorney's office.
The 33 counts include:one count of conspiracy to commit mail and wire fraud, six counts of mail fraud, five counts of wire fraud, three counts of bank fraud, 17 counts of money laundering and one count of making false statements in a matter within the jurisdiction of the FBI and Internal Revenue Service. Moro was not convicted on a second count of making false statements.
Inchon LLC, of Englewood Cliffs, N.J., ran the Russian Radio Network, which sold high-end broadcasting equipment to financial firms, including Hewlett Packard Financial Services and Wells Fargo Equipment Finance, as part of lease-financing agreements.
The buyers provided fraudulent invoices for used or non-existent equipment and then floated the money back to Moro after keeping a commission, according to assistant U.S. Attorney Leslie Faye Schwartz.
Moro used the money to pay off earlier leases and for personal expenses, Schwartz said.
The scheme began in 2003 and, after two years, Moro stopped making payments, claiming the equipment was stolen, costing the lenders millions, she said.
Moro is represented by Kevin Carlucci, Esq. and Lorraine Gauli-Rufo, Esq. of Newark and is scheduled to be sentenced on June 13.