California Man Pleads Guilty to Defrauding New Jersey Company of More Than $4.6 Million
Robert Frazer, United States Attorney for the District of New Jersey, announced that Joseph Rodriguez, 71, of Irvine, California, pleaded guilty on October 20, 2026, before U.S. Magistrate Judge José R. Almonte in Newark to Count One of an indictment charging him with wire fraud, admitting that he fraudulently obtained over $4.6 million from a victim company based in New Jersey.
According to documents filed in the case and statements made in court, in January 2015, Rodriguez, through his company Old American Incorporated, entered into a factoring agreement with a New Jersey company, identified as Victim-1, to obtain loans secured or collateralized by accounts receivable. Under the agreement, Old American retained control over customer relationships and debt collection and was required to pay back Victim-1 directly within 90 days.
From February 2023 through July 2023, Rodriguez submitted to Victim-1 fraudulent invoices for millions of dollars in future accounts receivable that he falsely represented were owed to Old American. In fact, the customers listed in the invoices did not owe money to Old American, and there were no accounts payable to turn over. Based on the fraudulent invoices, Victim-1 sent over $4.6 million in advance payments to Rodriguez, which he did not return.
The count carries a maximum penalty of 20 years in prison and a maximum fine of up to $250,000, or twice the gross gain to the defendant or loss to the victim, whichever is greatest. Sentencing is scheduled for February 23, 2027. The Federal Bureau of Investigation in Newark investigated the case, and Assistant U.S. Attorney Farhana C. Melo of the Economic Crimes Unit is prosecuting it.
Published by GSM · USA (original Chinese edition)
Photo: 图：位于 Newark 的 Peter W. Rodino 联邦大楼（资料图）。Jim Henderson 摄，公共领域，经 Wikimedia Commons。Photo: The Peter W. Rodino Federal Building in Newark, New Jersey (file photo). By Jim Henderson, public domain, via Wikimedia Commons.
