A stockbroker who worked as a part-time member of the ski patrol at Windham Mountain, NY faces a decade in prison after failing to repay $1.2 million he stole in an elaborate scam that targeted other members of the ski patrol, according to Times Union. Marone carried out the scam between 1998 and 2004, prosecutors said.
Franklin S. Marone, 55, of Queens pleaded guilty to grand larceny in 2004 for his role in an investment scheme dubbed “Patrollers Capital Funds” that fleeced fellow member of the ski patrol out of $5.4 million. Marone created phony emails and account statements to show growth in the fund but state prosecutors said the documents were part of an elaborate scheme to simply put investor funds into his own account.
Marone was sentenced to 6 to 18 years in state prison and ordered to repay the victims but the attorney general’s office says Marone still owes $1.2 million.
On Thursday, the attorney general’s office announced that Marone pleaded guilty to charges of perjury and filing a false instrument for submitting financial disclosure documents that concealed assets from the court to avoid the continued repayment of restitution. Marone had previously filed documents asserting he had no income or assets.
“After already being convicted once, the defendant showed no remorse for his prior victims and completely disregarded the law,” Attorney General Barbara Underwood said.
The new allegations emerged during a restitution hearing early this month that revealed that Marone only paid his victims $15,000 between 2013 and 2017. During that period he received $55,000 in checks payable to himself or cashed on his accounts. He used the money to upgrade his Jeep Wranglers with over-sized tires, a light bar and other equipment. He spent $18,000 for gym and spa members ships and spent another $4,000 on a cruise.
After the hearing, Marone pleaded guilty to the false filing and perjury charges. He was ordered to complete his original prison sentence. Marone will be sentenced to a total of 10 1/3 to 29 years in prison when he goes before Greene County Judge Terry Wilhelm for sentencing on the new conviction.