Dominican accused of $5.7 million theft from Columbia University

(Reuters) - A New York businessman is accused of stealing nearly $6 million from Columbia University in what prosecutors on Wednesday described as "a crime perpetrated in cyberspace."

George Castro, 48, diverted a series of payments from the Ivy League university to New York Presbyterian Hospital to the bank account of a company he had set up in October and November, according to court documents.

Castro, of the city's Bronx borough, was indicted on charges of grand larceny, money laundering and criminal possession of stolen property. If convicted on all counts, he could be sentenced to as much as 25 years in prison.

"This defendant stole more than $5 million in fewer than two months -- highlighting the importance of rapidly responding to major economic crime perpetrated in cyberspace," Manhattan District Attorney Cyrus Vance said in a statement.

Prosecutors released no further details of the electronic heist.

So far, $4.1 million of the stolen funds have been identified, frozen or seized, they said.

Castro spent more than $300,000, they said, paying $80,000 for a new Audi Q7 and $18,000 on Apple products.

At the time of his arrest, Castro had more than $200,000 in cash, prosecutors said.

 

Source: http://www.reuters.com  Picture of George was taken from article in DominicanToday.com

Go back | Date: 18 Dec 2010
Proud to be the most
factual DR news site!
We keep the stories
& investigations alive
that cozenage groups
want to hide or forget
rssFacebookTwitterFlickr
Facebook
Quick Search – All Articles
Video about DR's Sugar Barons
The horrible conditions of Haitian sugar cane workers in the Dominican Republic

The truth about Leonel
Must Watch This Video About President Leonel's DRUG CONNECTIONS!!

Top Stories
Most Read Stories
"This site may contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of criminal justice, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research or any other non-commercial purposes."
Please support our work
1000 of hours are being
spend yearly on collecting
articles, investigations and
answering emails.