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Ex-Yale employee used $40 million worth of stolen equipment to fund his lifestyle

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A former Yale University employee admitted to stealing more than $40 million worth of electronics from the Ivy League school — and then using the proceeds from her program to fund a lavish lifestyle that includes luxury cars, posh real estate and travel.

Jamie Petrone, a 42-year-old former director of finance and administration at Yale Med School’s Department of Emergency Medicine, pleaded guilty to federal charges of wire fraud and filing a false tax return.

Overall, Petrone’s plan cost Yale about $40.5 million. As part of her guilty pleathe ex-custodian forfeited more than $560,000 and handed over a fleet of high-end cars – including two Mercedes Benz, two Cadillac Escalades, a Range Rover and a Dodge Charger.

Petrone also agreed to sell three Connecticut properties in restitution. A fourth property she owns in Georgia could also be confiscated and sold.

The FBI agents said Petrone, whose role authorized her to make equipment purchases for her department as long as the total value was under $10,000, purchased or directed employees to use the school’s money to buy engineering hardware.

Petrone would use her position to claim that Yale’s medical school needed the equipment, such as iPads and Microsoft Surface tablets, to conduct medical studies and other purposes.

The goods were later shipped to an unnamed out-of-state company, which sold the equipment for cash and deposited the proceeds into an account controlled by Maziv Entertainment — where Petrone was listed as the principal.

Yale first questioned Petrone about suspicious transactions in 2020 and later received an anonymous tip about the high volume of device orders, sparking an internal investigation.

Petrone told FBI investigators last August that she conducted the program “for several years, possibly up to 10 years” and found that “approximately 90% of her computer-related purchases were fraudulent,” according to an affidavit obtained by the FBI was viewed Hartford Courant.

“Yale first alerted authorities to evidence of alleged criminal conduct over the past year and has cooperated fully throughout the investigation,” a Yale spokesman for the outlet said in reference to the case. “The university thanks local law enforcement, the FBI and the US Attorney’s Office for handling the case. Since the incident, Yale has worked to identify and address gaps in its internal financial controls.”

Federal officials said Petrone never paid taxes on the money it received in exchange for the stolen equipment. She filed several fraudulent statements claiming the cost of the stolen equipment as a business expense, and filed no federal tax returns at all from 2017 to 2020.

Petrone was released on $1 million bail ahead of her sentencing, which is scheduled for June.

https://nypost.com/2022/03/31/ex-yale-employee-used-40m-in-stolen-equipment-to-fund-lifestyle/ Ex-Yale employee used $40 million worth of stolen equipment to fund his lifestyle

DUSTIN JONES

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