Camden man arrested for money laundering
A Camden summer resident and director of a consulting firm has been indicted in federal court for money laundering and other charges.
Local police and the Federal Bureau of Investigation on Wednesday arrested Henry Fecker III, director of Camden Consulting Inc., on six charges, including conspiracy to commit money laundering, money laundering, obstruction of justice and cover-up of records in a federal investigation, according to the Herald Gazette. According to court documents, Fecker and another man, Steven Steiner, were allegedly conducting unlawful financial transactions related to now-defunct Mutual Benefits Corp. of Florida, where Steiner worked as a vice president. Beginning in 1994, MBC allegedly defrauded approximately 30,000 investors before collapsing in 2004, and from 1997 to 2003, MBC transferred more than $10 million from its operating account to Fecker's company, Camden Consulting, also based in Florida. In 2002, Fecker and Steiner -- who also jointly own residences in New York City and Fort Lauderdale -- bought a Camden home for $2.2 million, using MBC funds transferred to Camden Consulting.
Following a 2007 lawsuit by the U.S. Securities and Exchange Commission, Steiner and Camden Consulting were ordered to pay nearly $4 million to a receiver appointed to oversee MBC; however, only $750,000 has been repaid. The two men allegedly continued transferring money between accounts and attempted to conceal funds, used fraudulent documents to sell a New York City apartment and used funds from a 2006 refinance of their Camden home to "support a lavish lifestyle," the paper reported.
Fecker was due to appear in U.S. District Court in Portland this week.
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