Virginia Man Pleads Guilty In $5M Fraud Scheme
GREENBELT, Md. (AP) -- A Virginia man has pleaded guilty to wire fraud in a scheme to divert $5 million from his employer.
Thirty-five-year-old Max Wagenblast of Arlington entered the plea Wednesday in federal court in Greenbelt. He faces a maximum of 20 years in prison at sentencing on July 20.
According to his plea, Wagenblast was an asset manager for a Bethesda company that administered defaulted commercial mortgages and real estate.
Prosecutors say Wagenblast redirected money collected from the properties to accounts he controlled.
(Copyright 2015 by The Associated Press. All Rights Reserved.)
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