A Florida man has admitted to stealing nearly $872,000 from companies in New Jersey, California and Nevada by submitting fake invoices for transportation services.
Karl Stehlin, of Seminole, Florida, pleaded guilty to wire fraud before U.S. District Judge William Martini in Newark federal court Thursday.
Prosecutors say he created a bogus Idaho-based company and emailed invoices to get advance payment for transportation services that were never provided. The unidentified firms are factoring companies which purchase unpaid invoices from businesses to give them financial flexibility.
Stehlin faces up to 20 years in prison and a $250,000 fine. He is scheduled to be sentenced on May 24.
Copyright AP - Associated Press
