Ex-NY housing exec pleads guilty in $1.5M theft
Posted at: 06/29/2012 9:50 AM
| Updated at: 06/29/2012 9:52 AM
By: AP
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ALBANY, N.Y. (AP) - Federal prosecutors say a former executive for a company that operates an Albany retirement community has pleaded guilty to charges stemming from the theft of more than $1.5 million from the business.
The U.S. Attorney's Office says 53-year-old William Sorriento of Mechanicville pleaded guilty Thursday in federal court in Albany to wire fraud charges.
Authorities say Sorriento was the controller for the Teresian House Housing Corp., also known as Avila. Officials say during a seven-month period beginning in the fall of 2010, Sorriento stole nearly $1.6 million from Avila's checking account by writing checks to himself and others, then used the money to gamble and trade options.
Sorriento had been ordered to make restitution. He faces up to 30 years in prison when he's sentenced in October.
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