Ex-CEO admits stealing from prominent NYC charity
Apr. 23, 2014
NEW YORK (AP) — The politically connected former CEO of a prominent New York City charity has admitted he helped steal more than $9 million from the organization in an insurance scheme that authorities linked to campaign contributions.
William Rapfogel pleaded guilty Wednesday to grand larceny, money laundering and other charges.
He admitted he stole more than $1 million from the Metropolitan Council on Jewish Poverty, which he led from 1992 until his August firing.
Authorities say Rapfogel and several conspirators inflated the price of the organization's insurance so they could pocket the overcharge. Authorities say they split more than $9 million over 20 years.
Rapfogel will be sentenced to 3 1/3 years to 10 years in state prison if he pays more than $3 million in restitution. He already has turned over nearly $1.5 million.