NEWARK, NJ - A retired West Orange teacher has been charged with first degree financial facilitation and theft for her role in a scheme to sell fraudulent stock.
Acting Essex County Prosecutor Carolyn A. Murray announced today that Barbara Queen, 75, a retired West Orange school teacher currently living in East Hanover and formerly of Livingston, has been charged with first degree financial facilitation and theft for her role in the scheme. William Martucci, 69, of Millburn was charged earlier this year in the same scheme.
On Feb. 10, Queen was charged with engaging in the same conduct by inducing a California doctor to invest $100,000 in stock of a company called AAMPRO. Authorities allege in that case that Queen and Martucci committed theft by deception between Oct. 8, 2004 and Dec. 2011.
Today, Queen was charged with the same crimes in a case against another victim, a Miami resident who invested personal funds with Queen. Between April 10, 2007 and Nov. 30, 2011 Queen is accused of taking in excess of $75,000 from the second victim for fraudulent stock certificates, according to Assistant Prosecutor Robert Grady who is handling the case.
In that same time period, she is also accused of committing the crime of financial facilitation by transferring stolen money in excess of $500,000 and issuing false stock certificates and other documents with the intention of concealing the source of the money.
Grady said given the magnitude of the operation, authorities believe other investors may have given money to Queen and Martucci. Anyone who gave the pair money, or who knows anything that may be relevant to the investigation is asked to contact the Financial Crimes Unit of the Essex County Prosecutor’s Office at 973-266-7720.
If convicted of the new charges, Queen faces 30 years in New Jersey state prison.