PanamaTimes

Wednesday, Feb 21, 2024

Yale university gave students a lesson how to make $40 million fast and easy…

Yale university gave students a lesson how to make $40 million fast and easy…

Former Yale administrator stole $40 million, pretending to buy computer equipment for the university. Instead, she bought a fleet of luxury cars, and several houses.
A former administrator at the Yale University School of Medicine has pleaded guilty to stealing $40 million from the school in a nearly decade-long computer and electronics purchasing fraud.

Federal prosecutors say Jamie Petrone, 42, used the money to buy a fleet of luxury cars including Mercedes, Land Rovers and Cadillac Escalades, numerous properties in several states and to pay for lavish trips.

She pleaded guilty on Monday to wire fraud and filing false tax returns and faces up to 30 years in prison when she is sentenced in June. Until then, she is free on a $1 million bond. Her attorney didn’t immediately return a message seeking comment.

Petrone began working for Yale in 1999 and for the medical school in 2008. She had most recently served as the director of finance for its emergency medicine department. As part of her job, she was able to authorize equipment purchases without additional approvals as long as the orders were below $10,000, prosecutors said.

Starting in 2013, prosecutors said Petrone began making numerous small orders of tablet computers and other equipment that were billed to the school. She would then sell them to a business in New York state and have them send money to the account of a wedding photography and videography company she controlled.

Prosecutors say that in 2021 alone, she purchased more than 8,000 tablet computers, all in orders smaller than $10,000. In one 10-week period that year, she ordered $2.1 million worth of equipment.

During the eight years that authorities say she ran the scam, Petrone told investigators that “90% of her computer-related purchases were fraudulent,” according to court documents.

To explain the purchases to university officials, Petrone would claim the equipment was needed for certain medical studies being performed at the school, according to court papers.

In a statement, Yale said that it initially alerted authorities last year after finding “evidence of suspected criminal behavior.”

“Since the incident, Yale has worked to identify and correct gaps in its internal financial controls,” the school said.

In all, prosecutors say Petrone caused $40,504,200 in losses to Yale. They also say Petrone never declared any of the income on her taxes, filing false returns for 2013 through 2016, and no returns at all between 2017 and 2020. In total, she defrauded the IRS out of over $6 million, according to prosecutors.

As part of her guilty plea, Petrone agreed to forfeit $560,421.14 that was seized from her accounts, two $135,000 Mercedes-Benzes, a $90,000 Range Rover, two Cadillac Escalades and a Dodge Charger. She also has agreed to turn over three properties she co-owns in Connecticut and another in Georgia.
Newsletter

Related Articles

PanamaTimes
Global Law Enforcement Dismantles Lockbit Ransomware Operation
Russian opposition leader Alexey Navalny has died at the Arctic prison colony
The President of Argentina Javier Mile does not fly private, he flies commercial, with the citizens he represents. And they LOVE him for it.
Bitcoin Reaches $50,000 for First Time in Over Two Years
Belo Horizonte: Brazil's Rising Carnival Hotspot for 2024
In El Salvador, the 'Trump of Latin America' stuns the world with a speech slamming woke policing after winning a landslide election
Tucker’s interview with Putin is over 50M views on X within the first 5 hours.
Finnish Airline, Finnair, is voluntarily weighing passengers to better estimate flight cargo weight
President Nayib Bukele has proudly announced El Salvador's remarkable achievement of becoming the safest nation in the Western Hemisphere.
Former Chilean President Sebastian Piñera Dies in Helicopter Crash
This farmer seems to understand science a bit more than the event organizer, Klaus Schwab.
Facebook turns 20: From Mark Zuckerberg's dormitory to a $1trn company
The Coolest Dictator in the World" on the Path to Victory in El Salvador
Macron, France and fake news
Indian-Origin Man 'King' Arrested For Smuggling $16 Million Drugs Into US
Can someone teach Americans that not every person with slanted eyes is Chinese?
Europe's Farmers Feeding the People, Protesting Against Politicians Who Do Nothing for Their Country and Serve Only Themselves at Taxpayers' Expense
Paris Restaurant That Inspired 'Ratatouille' Loses $1.6 Million Worth Of Wine
Brazilian Police Investigate Bolsonaro's Son for Alleged Illegal Spying
Police in Brazil Raid Residence of Bolsonaro Associate Over Allegations of Illegal Spying
Border Dispute Escalates as Texas Governor Vows Increased Razor Wire
OpenAI Enhances ChatGPT-4 Model, Potentially Addressing AI "Laziness" Issue
The NSA finally acknowledges spying on Americans by acquiring sensitive data
Report Reveals Toxic Telegram Group Generating X-Rated AI-Generated Fake Images of Taylor Swift
US Border Patrol States 'No Plans' to Remove Razor Wire Installed in Texas
Bitcoin Experiences Approximately 20% Decline in Value
Klaus Schwab recently appointed himself as the Earth's "trustee of the future."
DeSantis Drops Out, Endorses Trump.
Nikki Haley said former President Trump is "just not at the same level" of mental fitness as he was while president in 2016.
Residents of a southern Mexican town set the government palace on fire in response to the police killing of a young man
Samsung Launches AI-Driven Galaxy S24, Ushering in New Smartphone Era
Judge Questions SEC's Regulatory Overreach in Coinbase Lawsuit
The Ecuador prosecutor who was investigating the television studio attack, has been assassinated.
Is artificial intelligence the solution to cyber security threats?
Vivek Ramaswamy suspends his US election campaign and endorses Trump.
Viral Satire: A Staged Satirical Clip Mistaken as Real Footage from the 2024 World Economic Forum in Davos
The AI Revolution in the Workforce: CEOs at Davos Predict Major Job Cuts in 2024
Ecuador Reports 178 Hostages in Prison Gang Standoff
The Startling Cuban Espionage Case That Has Rattled the US Government
Two Armed Men in Ecuador, Dressed as Batman and The Joker Storm the Streets.
Armed Gang Raids Ecuadorian TV Station Following State of Emergency Declaration
Anti-Democratic Canada: Journalist Arrested for Questioning Canadian Finance Minister on Support of Terrorist Group
Ecuador's 'Most-Wanted' Criminal Vanishes from Prison
Mexican Cartel Supplied Wi-Fi to Locals Under Threat of Fatal Consequences for Non-Compliance
Border Surge Leads to Over 11,000 Migrants Waiting in Northern Mexico
Outsider Candidates Triumph in Latin American Elections
As Argentina Goes to the Polls, Will the Proposal to Replace the Peso with the Dollar Secure Votes?
Fatal Shark Attack Claims Life of Boston Woman Paddleboarding Near Bahamas Resort, According to Police
Former Bolivian President Evo Morales Denied Eligibility for 2025 Re-Election
Venezuela's Maduro Condemns 'Provocation' as UK Sends Warship to Guyana Venezuela's President Maduro has condemned the UK's deployment of the warship HMS Trent to Guyana as a hostile act amid ongoing border tensions
×