August 02, 2024
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Josh S. Verne is facing 28 charges of fraud, identity theft, witness intimidation and other crimes.
A Gladwyne man who allegedly conned people out of millions was arrested Friday in Fort Lauderdale, Florida, federal prosecutors said.
Josh S. Verne, 47, allegedly convinced investors and business partners to invest in his companies by misrepresenting his success and personal wealth. According to the indictment, he then used the funds to pay for a lavish lifestyle marked by private jets, country clubs and vacation homes. He also forged documents and threatened a former employee, prosecutors say, to further his schemes.
He will now face 28 charges of fraud, identity theft, witness intimidation and other crimes.
Verne's alleged crimes occurred between 2017 and 2020. During that time period, he allegedly defrauded dozens through phony claims, bolstered by false documents. The indictment details one case in which Verne gave an investor a forged Goldman Sachs statement showing over $50 million in holdings; in reality, Verne did not even have an account with the investment bankers.
Prosecutors also argue that Verne sent false confirmations from banks and FedEx as proof of repayments to shield his misconduct from law enforcement. He also allegedly forged a former employee's signature on a sales agreement releasing the employee's stock shares. The unauthorized sale earned him another $150,000.
According to the indictment, Verne later threatened that employee with the release of false, embarrassing personal information after he learned the FBI was looking into his business dealings.
Verne faces a maximum possible sentence of 532 years in prison, three years of supervised release and over $21.3 million in fines. He is expected in Philadelphia for his arraignment next week.
Verne was also the subject of a 2023 complaint brought by the Securities and Exchange Commission. The SEC accused Verne of bilking 110 investors, many from the Philadelphia area, out of $31 million. At least $9.3 million was used on his vacation home, private travel and private schooling for his children, according to the court documents.
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