Crime & Safety
Westwood Man Admits to Fraud in Federal Court
FBI officials arrested Westwood resident James Buckley last year on charges he participated in a $19.75 million accounting fraud scheme.
A Westwood resident admitted his role in a fraud which made the company he worked for appear to have earned $19.75 million it never did.
James Buckley, 48, pleaded guilty to wire fraud in U.S. District Court Monday for participating in an accounting scheme over the course of five years, according to a report on NorthJersey.com.
Buckley said he was following instructions from the company's then-president, Todd Hansen, when he passed along the fraudulent earnings figures. He became the company's finance director in 2005.
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According to the FBI, Hansen received $1.1 million and Buckley received $650,000 in salary and bonuses from the company during the course of the fraud.
"Their dishonesty resulted not only in unjust enrichment but also in deceiving co-workers, the parent company, and its shareholders about the company’s financial health," FBI Assistant Director in Charge Janice Fedarcyk said.
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Buckley is due to be sentenced in October. He faces a maximum sentence of 40 years in prison.
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