News Column

BRIEF: Los Gatos: Local man gets two-year prison sentence for fraud

January 30, 2014

By Judy Peterson, Los Gatos Weekly-Times, Calif.

Jan. 30 --A Los Gatos man has been sentenced to two years in prison for conspiring to commit bank, mail and wire fraud. The sentence was handed down after 48-year-old David Russell Foley , the former chief technology officer at Global VR in Santa Clara , pleaded guilty to the charges in federal court. Foley admitted that he manufactured thumb drives, known as game packs, that contained video gaming software that could be loaded onto home arcade games. The U.S. Attorney's office says Foley illegally produced the game packs at his home. Global VR had the rights to produce and sell the game packs under the name UltraCade, and Foley used that name on his homemade game packs. The game packs were sold to the public, and Foley received payment for the sales by mail and wire transfers. Foley also admitted that he defrauded Countrywide Home Loans , using false pretenses to obtain loans totaling $2,624,475 and $374,925 . When applying for the loans, Foley said he was employed by Global VR when, in fact, he had been fired from his job. Foley also admitted that he asked a co-defendant to contact Countrywide to confirm his employment. ___ (c)2014 the Los Gatos Weekly-Times (San Jose, Calif.) Visit the Los Gatos Weekly-Times (San Jose, Calif.) at Distributed by MCT Information Services

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Source: Los Gatos Weekly-Times (CA)

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