By: April Carson
Prosecutors announced Monday that a former Yale administrator, Jamie Petrone-Codrington, 42, has stolen more than $40 million in technology and used it to fund a luxurious lifestyle. Petrone pleaded guilty to two counts of wire fraud and one count of filing a false tax return, punishable by up to 23 years in prison.
The stolen money was used to buy Petrone a $1.2 million home in Greenwich, Connecticut, and fund her expensive lifestyle, which included private jets and luxury hotel stays.
Investigators believe that Petrone may have stolen as much as $50 million in total.
The release from the US Attorney's Office in Connecticut read, "Petrone engaged in a scheme beginning at least as early as 2013 to defraud Yale Med using Yale funds by ordering, or causing others working for her to order, millions of dollars' worth of electronic equipment from Yale vendors and arranging to transport the stolen goods to an out-of-state firm in exchange for money."
To hide her crime, Petrone filed false tax returns that listed her income as less than $10,000 per year.
"This was a brazen theft of millions of dollars from a world-renowned medical school, funded by hardworking students and their families," said U.S. Attorney Deirdre Daly in a statement.
Petrone had the power to purchase electrical equipment in amounts less than $10,000 at the Yale University School of Medicine, and he would do so on a regular basis, even creating research that the gadget was supposed to be used for. The company on the other end would resell the goods and then wire her a portion of the money to her Maziv Entertainment LLC firm account.
Prosecutors say that the equipment stolen is worth around $40 million to Yale. Prosecutors claim that Petrone benefited from the money to support a luxurious lifestyle, including real estate, automobiles, and travel.
The judge ordered that Petrone turn over $500,000 in her LLC's bank account plus six cars: a 2014 Mercedes-Benz G550 ,2017 Land Rover 2015 Cadillac Escalade Premium 2020 Mercedes Benz Model E450A 2016 Cadillac escalade 2018 dodge charger.
Petrone is currently out on bond and is scheduled to be sentenced in February of next year.
According to the statement, Petrone would liquidate her three properties in Connecticut and maybe have to do so again in Georgia to fulfill her "restitution obligation," which refers to reimbursing the victim of a crime one has committed.
It is believed that she was importing counterfeit goods until August 2021, when her illicit side business was discovered. An anonymous hint alerted Yale officials that she was importing "significantly larger" amounts of computer equipment. The institution reviewed her records and eventually passed on what it found to law enforcement.
In September 2021, Petrone was taken into custody and released on a $1 million bond. One count of wire fraud carries a possible sentence of 20 years while filing a false tax return entails up to three years in jail. In June 2022, the court is expected to hand down a sentence for her after she is convicted.
While this incident is certainly unfortunate for the Yale School of Medicine and its students, it goes to show that no one is immune to fraud—not even those in positions of power and trust.
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About the Blogger:
April Carson is the daughter of Billy Carson. She received her bachelor's degree in Social Sciences from Jacksonville University, where she was also on the Women's Basketball team. She now has a successful clothing company that specializes in organic baby clothes and other items. Take a look at their most popular fall fashions on bossbabymav.com
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