Company CEOs Indicted For Stealing $2.5M From NY Firm

ALBANY, N.Y. (AP) — Two executives of a firm that was hired to raise funds for a northern New York aircraft repair facility have pleaded not guilty to conspiring to steal $2.5 million from their client.

The U.S. Attorney's Office in Albany says Eric Jergensen of Salt Lake City and 52-year-old Debashis Ghosh of Chicago entered the pleas in federal court Wednesday. The men are CEOs at Verdant Capital Group.

Authorities say the men had agreed to maintain $2.5 million in a bank account, but quickly spent the funds provided by a firm not identified by proseuctors. Plattsburgh media outlets identify the company as the Laurentian Aerospace Corp.

Prosecutors say all of the money had been transferred out of the account within four months and used to pay Verdant's expenses.

The attorney for the two men declined to comment.

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Information from: Press-Republican, http://www.pressrepublican.com

[STORY BY: THE ASSOCIATED PRESS]