Law & Justice

West Orange Resident Sentenced to Six Years In State Prison For Stealing Over $900,000 From Elderly Brothers

April 21, 2014 at 9:56 PM

WEST ORANGE, NJ – 1987 Livingston High School graduate, current West Orange resident and former financial advisor Randy Schneider, 44, was sentenced to six years in state prison for stealing over $900,000 from two elderly clients. The victims were brothers, one a professor and the other a medical doctor. The announcement came today from Acting Attorney General John J. Hoffman.

“This defendant is a common thief in a business suit,” said Acting Attorney General Hoffman. “By stealing upwards of a million dollars from two vulnerable and trusting clients, he proved that a prison jumpsuit is the more appropriate attire for him.”

Schneider pleaded guilty on December 12, 2012, to a second-degree charge of theft by unlawful taking. Under the terms of his plea agreement, Schneider also agreed to pay full restitution to the victims. Deputy Attorney General Janet Bosi handled the case on behalf of the state and the Division of Criminal Justice Financial & Computer Crimes Bureau.

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From January, 2002 - October, 2011, Schneider worked as a broker for Oppenheimer & Co., Inc., in Florham Park. He was fired when the firm discovered he had misappropriated checks from one of the two victims, and his state broker license was revoked by the Bureau of Securities.

The Division of Criminal Justice revealed that between 2004 and 2011, Schneider stole $900,000 from the professor by stealing cash, interest from bearer bond coupons, and bonds belonging to him via the professor's investment account at Oppenheimer. He similarly stole $20,000 from the professor's younger brother, a medical doctor that is also a client with Oppenheimer.

Schneider deposited the cash, bonds and proceeds from the bonds into his own accounts.

In addition, Schneider pleaded guilty on Dec. 12 to third-degree charges of theft by unlawful taking and theft by deception, filed by the Essex County Prosecutor’s Office for incidents occurring after being fired by Oppenheimer. He stole $11,000 in jewelry from an ex-girlfriend, pawning it, and stole $26,000 from a bank by opening a new account with a fraudulent check and withdrawing the funds before the bank discovered the fraud.

He was sentenced in Morris County Court by Judge Stuart A. Minkowitz, who sentenced Schneider to three years in prison for the additional charges, to be served concurrently with the six-year sentence.

To report fraud, corruption and other illegal activities, contact the Division of Criminal Justice via its confidential tipline at 1-866-TIPS-4CJ (1-866-847-7425). Visit www.njdcj.org to report online or contact the Bureau of Securities at 1-866-I-INVEST (1-866-446-8378) or at www.njsecurities.gov.

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