Josh S. Verne, a former entrepreneur from Gladwyne, Pennsylvania, now residing in Fort Lauderdale, Florida, has pleaded guilty to multiple charges of fraud. Acting United States Attorney Nelson S.T. Thayer, Jr., announced that Verne entered the plea before United States District Court Judge John F. Murphy. The charges include three counts of securities fraud, nine counts of wire fraud, and one count of aggravated identity theft.
Verne was indicted last August for schemes carried out between 2017 and 2020 that defrauded investors, employees, and business partners of millions. During the hearing, Verne admitted to misrepresenting his business successes and personal net worth to induce investments and loans through limited liability companies he controlled.
He confessed to providing a forged Goldman Sachs statement showing over $50 million in holdings when no such account existed under his or his family's names. Additionally, Verne used funds meant for business purposes to cover personal expenses like vacation property renovations and private jet travel.
To avoid detection by law enforcement, Verne sent false bank and FedEx confirmations regarding fund deliveries to investors expecting repayments. He also admitted to identity theft by forging a former employee's signature on a sales agreement to illegally sell shares worth $150,000.
Sentencing is scheduled for June 13. Verne faces up to 242 years in prison with a mandatory minimum sentence of two years. He could also face supervised release, fines totaling $17.5 million, and restitution orders.
The FBI's Philadelphia office conducted the investigation with Assistant United States Attorneys Paul G. Shapiro and Jerome M. Maiatico prosecuting the case. The Securities and Exchange Commission’s Philadelphia Regional Office is pursuing related civil charges against Verne.