Florida man sentenced after he was convicted of swindling $220,000 out of a Bergen County factoring business.
Stehlin was sentenced Tuesday. (File photo)NEWARK -- A Florida man convicted of using phony invoices to defraud various factoring businesses, including one based in Bergen County, was sentenced to four years in prison Friday, a release from the United States Attorney's office said.
Karl Stehlin, known to some as "Mark Sawyer," pleaded guilty to one count wire fraud after admitting that, from June 2014 through September 2014, he defrauded a Bergen County factoring business that purchased accounts receivable in return for short term financing, the release said.
A factoring business offers a form of short-term financing by purchasing a company's accounts receivable at a discount, providing the other firm in the transaction with cash immediately.
Stehlin, 61, created a bogus Idaho-based transportation company and emailed accounts receivable invoices to the unnamed Bergen County factoring company for false transportation services.
All told, Stehlin swindled the business out of $220,000, the release said.
Man used fake biz to steal real money
During his plea hearing, according to the release, Stehlin fessed up to using the same scam to defraud a Glendale, California, factoring business out of $127,953.34, and a Las Vegas factoring business out of $524,025.28.
Stehlin was sentenced to 51 months in prison, in addition to three years of supervised release and a restitution payment of $837,618.29.
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