Josh S. Verne, a former entrepreneur from Gladwyne, Pennsylvania, has pleaded guilty to multiple charges of fraud. Acting United States Attorney Nelson S.T. Thayer, Jr., announced that Verne admitted guilt in front of United States District Court Judge John F. Murphy to three counts of securities fraud, nine counts of wire fraud, and one count of aggravated identity theft. These charges stem from schemes through which he defrauded investors, employees, and business partners out of millions.
Verne was indicted last August for activities conducted between 2017 and 2020. He falsely presented himself as a successful businessman to lure investments into his companies under false pretenses.
In his plea hearing, Verne confessed to misleading others about his financial status by using forged documents. For example, he provided an investor with a falsified Goldman Sachs statement showing $50 million in family investments that did not exist.
Additionally, Verne misused funds for personal luxuries such as renovating a vacation property on the Jersey shore and traveling on private jets. He also created fake bank and FedEx confirmations to deceive investors regarding repayments.
Further allegations include identity theft; Verne admitted to forging a former employee's signature on a sales agreement for unauthorized stock sales worth $150,000.
Sentencing is set for June 13 where Verne faces up to 242 years in prison along with fines totaling $17.5 million. The case is handled by FBI Philadelphia’s Fort Washington Resident Agency and prosecuted by Assistant United States Attorneys Paul G. Shapiro and Jerome M. Maiatico.
The Securities and Exchange Commission's Philadelphia Regional Office has filed civil securities fraud charges against Verne which are still pending.
