Local businessmen steal over $500,000 in scheme - NEWS10 ABC: Albany, New York News, Weather, Sports

Local businessmen steal over $500,000 in scheme

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SCHENECTADY, N.Y. – Two local men were arrested and charged with multiple counts of grand larceny for stealing over a half million dollars in a business scheme.

Frank Corradi, 49, of Glenville and Timothy Larned, 62, of Schenectady were charged in the incident.

Corradi and Larned allegedly billed for work that was not performed, materials that were not delivered, and/or did not exist or were altered. A joint investigation by the Schenectady Police Department, the New York State Police and the Schenectady County District Attorney's Office determined that an employee charged with hiring contractors to perform work was actually hiring a shell company to overcharge his employer.

The shell company was set up exclusively to defraud by falsifying bills. These bills were then authorized as legitimate expenses by Corradi who was employed by Plank Construction Services as an earth work division supervisor. The bills were paid to a company identified as Rex Earth, LLC.

An investigation revealed the funds used to pay the fraudulent charges were then diverted back to Corradi and others. In addition, the investigation uncovered purported fictitious billing on the part of William M. Larned and Sons, which is owned by Larned, to Plank Construction Services for tens of thousands of dollars.

Corradi was charged with two counts of Grand Larceny, one count of Money Laundering and one count of falsifying records. Larned was charged with one count Grand Larceny, one count Money Laundering and one count Falsifying Business Records.

The investigation is still ongoing and additional charges are expected.

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