Court records indicate that former Philadelphia Wholesale Produce Market CEO Sonny DiCrecchio will be sentenced on July 12th after entering a guilty plea last week in federal court.
DiCrecchio and co-defendant Thomas del Borello were both scheduled to appear in federal court in Philadelphia last Monday and Tuesday for a “plea hearing” in connection with allegations DiCrecchio defrauded the Philadelphia Wholesale Produce Market out of $7.8 million dollars.
The charges came almost three years after his departure from Philadelphia’s bustling Wholesale Produce Market, now located in Southwest Philadelphia.
The 60 year old DiCrecchio, from Voorhees, is charged with two counts of wire fraud, one count of conspiracy, one count of money laundering conspiracy, one count of aggravated identity theft and four counts of tax evasion. He’s facing a possible 20 year sentence on several of the charges.
All stemming from a widespread $7.8 million fraud scheme uncovered in 2018 by the feds who say DiCrecchio, the former President and CEO, used his complete power over the sprawling market to take millions for himself and his friends.
Federal prosecutors say DiCrecchio used the money to pay $1.9 million in rent on his $20,000 per month Stone Harbor shore home. They allege he took $1.1 million in cash, another $1.7 million for his friends and relatives and money to pay his credit card expenses while skimming $2.6 million from the pay gate at the market parking lot.
According to the US Attorney, a bookkeeper at the 700,000 square foot market, Patricia Pumphrey, was also charged separately in this case.
DiCrecchio allegedly used part of that money to pay employees under the table while keeping a substantial portion for his own use. Investigators also allege that he used market funds to give $180,000 loan to a market vendor which was later repaid in full to DiCrecchio. He also allegedly used the money for Super Bowl and Disney trips, String Band donations, home improvements and horse boarding.
He allegedly concealed these expenditures in the market’s books and records. Finally, DiCrecchio is charged with tax evasion for allegedly failing to report $2.1 million in income from 2014-2017.
He’s also charged with using the name of an unwitting victim as a payee to cash checks. He faces charges for laundering money with two unnamed individuals by converting market funds into money orders at a currency exchange.
DiCrecchio faces a maximum sentence of 102 years in prison if convicted and a fine of $2.5 million.
Acting U.S. Attorney Jennifer Arbittier Williams announced the charges saying “Complexity will not hide crime from law enforcement. Further, and as alleged here, nickel and dime theft, skimming small amounts here and there over many years, is just as illegal as stealing one large lump sum.”
FBI Special Agent in Charge Michael Driscoll said, “stealing business funds for personal use is fraud, plain and simple, and anyone padding their paycheck like this can expect a whole lot of attention from the FBI.”
While there is no mention of organized crime or the Mob in this case, it was investigated by the FBI’s Squad One, the Organized Crime Task Force, the IRS, and the Pennsylvania State Police.
Also charged in a separate criminal information was Thomas del Borrello, 42 of Sewell, N.J. He faces eight counts of aggravated false filing of currency transaction reports and aggravated failure to file a currency transaction report.
Del Borrello is a supervisor at United Check Cashing on South Broad Street in South Philadelphia where DiCreechio made financial trnsactions. Del Borrello allegedly caused the filing of false cash transaction reports, or CTRs.
He faces 90 years in prison if convicted and fines up to $4.5 million.
