Former Gladwyne entrepreneur Josh S. Verne has found himself in the snare of the law, charged with a litany of crimes including securities fraud, wire fraud, and aggravated identity theft. Unveiled in an unsealed indictment, the charges laid out by United States Attorney Jacqueline C. Romero spell dire consequences for the 47-year-old, now residing in Fort Lauderdale, FL. It is alleged by the authorities that, from as early as 2017 until 2020, Verne defrauded numerous investors as well as employees and business partners, enriching himself by millions of dollars through deceptive means.
The indictment claims Verne portrayed himself as a successful entrepreneur to lure in investors, boasting exaggerated personal wealth and business success. He's accused of creating a façade of lucrative companies under his control which he used as vehicles for his fraudulent activities. In a striking instance, Verne provided an investor with a forged Goldman Sachs statement suggesting over $50 million in family investments—a far cry from reality since he held no such account, according to the U.S. Attorney's Office for the Eastern District of Pennsylvania.
Furthermore, the indictment accuses Verne not only of defrauding investors but also of lavishly spending their money to sustain an extravagant lifestyle he could not otherwise afford. Extravagances such as vacation home renovations, private jets, political donations, and country club dues were funded with money that was not his to spend. When the law closed in, Verne resorted to creating false bank and FedEx confirmations to hide the fraud, as stated in the indictment.
The allegations take a more sinister tone with Verne accused of identity theft, using a former employee's signature to sell off stocks and pocket $150,000. When details of the federal criminal investigation became clear to him, Verne supposedly engaged in obstructing justice by threatening the former employee who had cooperated with law enforcement authorities, according to the U.S. Attorney's Office.
Verne was apprehended today, and faces a potentially extended time in prison if convicted, with sentences stacking up to 532 years. Included in this are mandatory minimum sentences that add totalling gravity to his potential punishment. The full weight of the law also means facing substantial fines and supervised release should Verne be found guilty of these crimes. With the case under the scrutiny of the FBI, Assistant United States Attorneys Paul G. Shapiro and Jerome M. Maiatico lead the prosecution, while the SEC continues its investigation into the civil aspect of Verne's alleged frauds. Individuals with information regarding this case are encouraged to reach out to the FBI at 215-418-4000, making reference to Josh S. Verne.
