TRENTON, N.J. (AP) — A Pennsylvania man has been sentenced to more than a decade in prison after admitting he stole more than $2.3 million from two New Jersey companies run by his wife's family.
New Jersey's attorney general says 53-year-old Michael Geiger of Newtown, Pa., was sentenced Thursday in Burlington County to 10 ½ years in prison.
Prosecutors say Geiger abused his position as the CEO of American Casein Company and American Custom Drying Company in order to embezzle funds which he used to buy a Porsche and two vacation homes. The Burlington Township companies were owned by his wife's extended family.
He pleaded guilty in July to money laundering charges.
Geiger's wife was also charged. Prosecutors have agreed not to oppose her application for pre-trial intervention, as part of Geiger's plea agreement.