Man gets 4 years after scamming Bergen biz out of $220K
NEWARK — A Florida man convicted of using phony invoices to defraud various factoring businesses, including one based in Bergen County, was sentenced to four years in prison Friday, a release from the United States Attorney's office said.
Karl Stehlin, known to some as "Mark Sawyer," pleaded guilty to one count wire fraud after admitting that, from June 2014 through September 2014, he defrauded a Bergen County factoring business that purchased accounts receivable in return for short term financing, the release said.
A factoring business offers a form of short-term financing by purchasing a company's accounts receivable at a discount, providing the other firm in the transaction with cash immediately.
Stehlin, 61, created a bogus Idaho-based transportation company and emailed accounts receivable invoices to the unnamed Bergen County factoring company for false transportation services.
Read more: http://www.nj.com/bergen/index.ssf/2016/09/florida_man_sentenced_for_defrauding_bergen_busine.html