Crime & Safety

Cherry Hill Man Stole $678K from Trust Fund, Officials Say

Gregory Fresta spent two years raiding his younger brother's trust, according to an indictment filed in U.S. District Court.

A Cherry Hill man who allegedly stole a huge chunk of a $1 million trust intended for his brother has been charged with mail fraud in connection with the alleged theft.

Gregory Fresta, 45, was charged because he used the United States mail system to make multiple requests for funds from the trust, established when his brother was a minor, under the guise of using the money for his brother's benefit, United States Attorney Zane David Memeger said.

Fresta raided about $678,000 from the trust fund between 2008 and 2010, according to the indictment filed against him in U.S. District Court in Pennsylvania, starting with a $1,233.19 withdrawal he used to cover a mortgage payment.

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The money was funneled through JOVA Development LLC, a shell company Fresta created, in amounts anywhere from $5,000 to $150,000, according to the indictment.

He's since repaid about $100,000, according to court documents, but the indictment seeks to recoup the remaining cash.

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Fresta also faces prison time, fines and other penalties if convicted on the mail fraud charge.


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