- Jamie Petron, a former Yale administrator, pleaded guilty to wire fraud on Monday, NPR reported.
- Prosecutors said she sold stolen electronics and funded a lavish lifestyle with the profits.
- She divested assets including a Mercedes-Benz G550 and properties in Connecticut.
A former Yale administrator, Jamie Petrone, stole more than $40 million in electronics from college and used them to fund a lavish lifestyle, prosecutors said in a statement Monday,
Petrone pleaded guilty in federal court on Monday to two counts of wire fraud and filing a false tax return for his participation in the scheme, NPR reported.
“Since at least 2013, Petrone has engaged in a scheme whereby it has ordered, or had others working for it order, millions of dollars worth of electronic equipment from Yale vendors using Yale funds. Med and arranged to ship the stolen material to a – business of the state in exchange for cash,” the statement from the Connecticut U.S. Attorney’s Office said.
At Yale University Medical School, Petrone had the authority to buy electronic equipment for orders under $10,000 and did so periodically, even inventing studies for which the technology was supposed to be used. The business on the other end would resell the electronics and then transfer a portion of the funds to their Maziv Entertainment LLC business account.
Prosecutors added that the stolen equipment amounted to approximately $40 million in losses to Yale. Petrone used the profits, they said, to fund a lavish lifestyle, including real estate, cars and travel.
Petrone agreed to return over $500,000 to his LLC’s bank account, plus six cars: a 2014 Mercedes-Benz G550, a 2017 Land Rover, a 2015 Cadillac Escalade Premium, a 2020 Mercedes Benz Model E450A, a Cadillac Escalade 2016 and a 2018 Dodge. Charger.
Prosecutors said Petrone would liquidate its three properties in Connecticut and potentially have to buy another in Georgia, to meet its “duty of restitution,” which is to pay back the victim of a crime committed.
His illegal parallel agitation continued through August 2021, NPR reported, citing court documents. An anonymous tip told Yale officials that it was acquiring “suspicious volumes of computer hardware.” The school reviewed his records and eventually turned over what was discovered to law enforcement.
Petrone was arrested in September 2021 and released on $1 million bond, the statement said. One count of wire fraud carries a maximum sentence of 20 years and filing a false tax return has three. U.S. District Judge Vanessa L. Bryant is expected to sentence her in June 2022.