Virginia Man Pleads Guilty in $5M Fraud Scheme - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Virginia Man Pleads Guilty in $5M Fraud Scheme

Posted:
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. 
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