ALBANY, N.Y. (NEWS10) — A Troy man has been sentenced for scheming to defraud a commercial finance company. The United States Department of Justice (DOJ) said John Paeglow III, 65, was sentenced to three years of supervised release.
As part of his guilty plea, Paeglow admitted that between October and December 2014, he fraudulently received over $400,000 from a finance company for his now-closed Castleton-based book printing business. The business was called Integrated Book Technology, Inc./Hamilton Printing (“IBT/Hamilton”).
DOJ said he submitted fraudulent invoices and forged shipping documents to the New Jersey-based company to get the funds in exchange for the sale of books that had actually not been sold or shipped. The company provided receipt factoring services for his book printing business
Paeglow was ordered to pay $220,000 in restitution to the finance company. He was also ordered to pay $11,410 to reimburse the union that represented the IBT/Hamilton employees whose health care premiums Paeglow was charged with embezzling.