Crime & Safety
Morris Co. Chocolate Execs Plead Guilty To Federal Fraud Charges
Peter G. Johnson of Harding Township, and Peter B. Johnson of Morristown both pled guilty to committing fraud at their cocoa business.
MORRISTOWN, NJ —Two former chocolate executives from Morris County pled guilty to fraud charges in federal court last week, United States Attorney Geoffrey S. Berman said.
Peter G. Johnson, 69, from Harding, and his son, Peter B. Johnson, 38, from Morristown, both pled guilty to conspiracy to commit bank fraud and wire fraud, and face 30 years in prison, Berman said.
The father and son worked for Transmar Commodity Group Ltd., a cocoa trading company that worked with Hershey and Nestle. According to Berman, the two men lied about Tansmar's finances to make it looked like it had more credit-eligible collateral than it really did.
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The company filed for bankruptcy in Dec. 2016. It owed $360 million to banks at that time.
Both men will be sentenced in early August.
Find out what's happening in Morristownfor free with the latest updates from Patch.
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