A yacht, three luxury cars and beachfront property will be seized from a Cockeysville man indicted Thursday in an alleged $32 million fraud scheme.
A federal grand jury indicted Alan Fabian, 43, in the scheme, which Maryland?s U.S. Attorney called one of the largest in state history. Fabian is charged with mail and bankruptcy fraud, money laundering and perjury.
“The indictment alleges that Mr. Fabian defrauded the victims of $32 million, took much of the criminal proceeds for his personal use and then lied about the scheme in bankruptcy court,” Maryland U.S. Attorney Rod Rosenstein said. “Fraud by corporate executives jeopardizes public confidence in our economy.”
Prosecutors say the scheme allegedly defrauded Fabian?s former employer, Virginia-based government consulting company Maximus. Other alleged victims include financial institutions and an equipment leasing company in Georgia called Solarcom.
An information technology consulting company Fabian helped found became a division of Maximus in 2000. As a Maximus executive, prosecutors say, Fabian allegedly used false documents to misrepresent computer purchases.
From March 2001 to July 2004, Fabian, a certified public accountant, created two companies to purportedly purchase $32 million in computer hardware and software for other businesses. But the companies, Strategic Partners International LLC and Strategic Partners International Inc., never purchased the equipment or bought much less expensive equipment, the indictment alleges.
“This alleged multimillion dollar scheme is an egregious example of an individual who exploited legitimate business for his own selfish gain,” said William Chase, special agent in charge of the Baltimore FBI.
The indictmentseeks forfeiture of eight properties in North Carolina and a property in Hunt Valley; cash; a Silverton yacht; three vehicles; and Fabian?s interest in several companies.
Fabian faces a maximum sentence of 20 years in prison for nine counts of mail fraud; 10 years in prison for nine counts of money laundering and one count of obstruction of justice; and five years in prison for each of two counts of bankruptcy fraud and two counts of perjury.
