ALBANY – A Saratoga Springs man has been sentenced to up to seven years in prison after admitting to defrauding multiple victims under a million dollar scheme run by two construction companies he owned, said the state attorney general’s office announced on Wednesday.
Shawn M. VanVeghten, 39, earlier pleaded guilty to second-degree money laundering and first-degree scheme to defraud and commit crimes.
He was sentenced Wednesday by the Saratoga County Court to a total sentence of 2.3 to 7 years in state prison.
VanVeghten earlier admitted that from July 2016 to at least May 2020 he conspired to defraud homebuyers and others and laundered money embezzled from his victims.
He was arrested in September 2020 on a series of felony and misdemeanor charges.
The joint police and state prosecutor’s general investigation found that VanVeghten laundered the money as part of a scheme to promote his businesses to the detriment of homebuyers, business owners, d ‘a financial lender and the beneficiary of a special needs trust.
“New Yorkers spend their lives saving for their dream home, so those who fly to leave only our state residents struggling to keep a roof over their heads will see the power of our office. ‘cut down on them, “Attorney General Letitia James said in a statement. “Shawn VanVeghten defrauded over a million dollars from New Yorkers just to finance his own expenses. Now Mr VanVeghten will spend the next few years with a prison cell as the only roof over his head.
VanVeghten has been accused of laundering more than $ 1 million through the two construction companies he owned or operated, VanVeghten Construction and Union Modular Homes, both based in Wilton, officials said.
VanVeighten received the money from buyers who intended to build their dream home, as well as from a lender. But instead he embezzled the money for personal use, as well as to pay for business expenses, officials said.
He asked subcontractors and suppliers to do the labor and provide materials, but he did not pay them. He also embezzled $ 200,000 from a special needs trust established for the benefit of a disabled family member, officials said.
In total, he embezzled more than $ 400,000 for his personal use, including buying and renovating investment properties in Schenectady County, paying for offices in Wilton, paying off his personal mortgage and covering various other personal expenses, said officials.
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