PROVIDENCE, R.I. — A 50-year-old West Warwick man stole a Coventry man’s identity and employed the information in a scheme to fraudulently sell more than $160,000 of the man’s stock certificates and have the proceeds deposited into his own account, according to the office of U.S. Attorney Peter F. Neronha.
Randolph Hurst, a former assistant district manager for the Social Security Administration, has pleaded guilty to aggravated identity theft, transportation of stolen securities, and tax evasion.
He also pleaded guilty to multiple counts of mail fraud and filing a false tax return during an Oct. 9 plea hearing before Judge William E. Smith, Neronha’s office announced Thursday morning.
Hurst gained control over the victim’s money through a scheme that began in 2010 with the theft of identity information, says a news release.
He used personal information to open a joint account at Summit Brokerage Services in Providence, the release says. Hurst had the account listed in his name and also in the name of the victim, without the victim’s permission or knowledge, it says.
Two days later, he provided documentation to Summit, requesting the deposit of two stock certificates owned by the victim. The paperwork was purportedly authored and signed by the victim, but the Coventry man had never authorized the deposit of the stock certificates into the account, say federal prosecutors.
At a plea hearing, Hurst admitted that in October 2010, without the victim’s knowledge, he asked Summit to sell the stocks and issue a check in his name and also in the victim’s name, says the release.
The check for $157,747.49, which represented a portion of the proceeds of the sale of the stocks, was sent by courier to the address of another Coventry man, 29-year-old Justin Silveira, who also was charged in the case.
After that, the money was deposited into a bank account owned jointly by Hurst and his wife. Through a similar process, another check for $3,980, went into the couple’s account, say prosecutors.
The couple then spent the money, says the news release.
Silveira has pleaded guilty to two counts of perjury and one count of obstruction of justice. He admitted that he had lied to a grand jury.
Hurst faces up to 45 years in federal prison and a fine of up to $1.4 million dollars. His sentencing is scheduled for Jan. 10.
Source: Mark Reynolds. October 2013. www.providencejournal.com