News

Antolini, convicted in Tri-State case, gets 7 years for bank fraud

July 12, 2004

TRENTON, N.J. - The only defendant to go to trial in what authorities called the biggest bank fraud in New Jersey history was sentenced to seven years in federal prison, according to a Philadelphia Inquirer report. 

Daniel A. Antolini 3d of Boca Raton, Fla, maintained that he played no part in a scheme by an ATM cash delivery company to steal millions from its bank clients. He said the funds he took were loans he intended to pay back and that the true fraud occurred after he sold the company.

But prosecutors convinced a jury at a seven-week trial that Antolini, founder of Executive Cash Services, committed bank and wire fraud, using the bank's monies as "his own personal piggy bank." He was convicted in February.

In imposing the sentence, U.S. District Judge Garrett E. Brown called Antolini a "thoroughly greedy man" who "lied repeatedly" on the witness stand. Brown also ordered Antolini to repay $2.6 million to Wachovia Bank.

According to the Inquirer, the government produced evidence it said showed that Antolini diverted at least $1 million from accounts established to transfer banks' cash to ATMs. The government said Antolini used the banks' cash to finance the operations of a struggling business and to fund an extravagant lifestyle.

Antolini was the only one of seven co-defedants to go to trial. Barry Chesla and Nicholas Basile, the two employees who bought Executive Cash Services from Antolini and changed the name to Tri-State, pleaded guilty.

See related stories:

Tri-State principal pleads guilty to money laundering, tax evasion

Another former Tri-State official pleads guilty to fraud charges

Tri-State accountant to serve 6 months for role in theft

Former Tri-State owner faces more charges

Former Tri-State owner to fork over $3M