Produce CEO Harvests Big Bounty Illegally for Himself

The former President and CEO of the Philadelphia Wholesale Produce Market, Caesar DiCrecchio, was charged with wire fraud, identity theft, money laundering and tax evasion for embezzling over 7.8 million dollars.

DiCrecchio used company funds to pay 1.9 million dollars in rent for his New Jersey shore house. He converted into cash 1.1 million dollars in checks drawn on the Market’s bank account, and had 1.7 million dollars in checks issued to his friends and family. He had the Market pay his personal credit card expenses, converted $320,000 in checks payable to the Market into cash, and skimmed 2.6 million dollars in cash from the pay gate at the Market’s parking lot. He used a portion of that money to pay Market employees under the table. He also used Market funds for a $180,000 loan to a Market vendor which the vendor paid back directly to DiCrecchio.

DiCreccio hid the fraud by listing the money as expenditures for insurance, legal fees, snow removal and other legitimate expenses.

In addition to not reporting the income from the embezzled funds, from 2014 to 2017 DiCrecchio failed to report 2.1 million dollars in income, as well as a car allowance, a pension and consulting income. He faces a maximum of 102 years in prison and a fine of 2.5 million dollars.