Financial Adviser Charged With Defrauding Princeton Woman Out of $200,000

A 74-year-old Pennsylvania accountant and financial adviser charged with defrauding a Princeton woman out of over $200,000 surrendered to Mercer County Prosecutor’s Office detectives on Tuesday.

John J. Katsock Sr., of Yardley, Pa., is charged with second-degree theft by unlawful taking, second-degree theft by deception and second-degree misapplication of entrusted property, the Mercer County Prosecutor’s Office announced on Wednesday.

An attorney for Chauncey Meyer referred the investigation to the Mercer County Prosecutor Office Economic Crime Unit in March.

Katsock was serving as Meyer’s trustee. He allegedly stole over $200,000 from Meyer since February of 2010.

Meyer, a Princeton resident who worked at the library, died at the age of 91 last month, according to Planet Princeton. The Chauncey Irrevocable Trust Fund was established in 1996.

Katsock allegedly diverted money from the trust accounts in a variety of ways.

In one instance, he allegedly directed Meyer to make tens of thousands of dollars in estimated tax payments from her personal funds to both the Internal Revenue Service and the State of New Jersey Division of Taxation on behalf of the trust.

Because the trust owed almost no taxes, this scheme generated large tax refunds that were then deposited into the trust.

Katsock then transferred these funds to accounts he controlled.

Katsock also allegedly wrote checks to himself as professional fees that far exceed any permitted by law.

He allegedly diverted funds from the trust accounts to a corporation owned by the victim and then made loans that were never repaid.

He also allegedly withdrew in excess of $50,000 in cash from one of the trust accounts and deposited the funds into his personal bank account.

Mercer County Prosecutor’s Office detectives executed search warrants at two of Katsock’s residences and his business in Fairless Hills.

The Bucks County District Attorney’s Office, and the Falls Township and Lower Makefield police departments also participated in the searches.

Katsock’s bail has been set at $75,000 cash or bond.

He faces a maximum sentence of 10 years in state prison and a $150,000 fine.