Virginia Man Pleads Guilty In $5M Fraud Scheme
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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