CHERRY HILL A Cherry Hill man has been charged with raiding his younger brother's $1 million trust fund left by their dead father, authorities said.
Gregory Fresta, 45, allegedly stole $678,000 from the trust between 2008 and 2010, according to an indictment by a federal grand jury in Philadelphia.
Fresta was named trustee of the trust created by his father with a $1 million life insurance policy when his brother was a minor. The youngster was 13 when the father died in 2006, records show.
Fresta allegedly used funds from the trust for his own benefit, U.S. Attorney Zane David Memeger said a statement. The brother's name was not released.
He allegedly made a $1,233.19 withdrawal to make a mortgage payment, the indictment said. No other details were disclosed on how the remaining funds were spent.
According to the Thursday indictment, Fresta used a phony company, JOVA Development L.L.C., whose principal place of business was his Cherry Hill residence, to funnel payments from the trust.
Fresta has since repaid about $100,000 to the trust, the indictment said. He was eventually removed as a trustee.
A telephone listing for Fresta was disconnected Friday. The indictment returned in U.S. District Court in Pennsylvania charges Fresta with 14 counts of mail fraud, alleging he used the U.S. mail or Federal Express to request unauthorized payments from the trust.
If convicted, Fresta faces years in prison, a $3.5 million fine, and penalties.