United States Attorney for the Southern District of New York, Jay Clayton, announced the unsealing of an indictment against Anthony Tepedino, founder and CEO of a New Jersey-based telecommunications construction company. Tepedino faces charges including commercial bribery, fraud, and witness tampering. He was arrested on Thursday morning and is scheduled to appear before U.S. Magistrate Judge Barbara Moses. The case has been assigned to U.S. District Judge Richard M. Berman.
“As alleged, Anthony Tepedino turned a major construction company into his personal cash machine, stealing from companies that serve New Yorkers, bribing insiders, and lying to banks to keep the scheme alive,” said U.S. Attorney Jay Clayton. “Fraud and corruption hurt real people in this city, and we will hold accountable any executive who abuses the trust placed in them.”
FBI Assistant Director in Charge Christopher G. Raia stated: “Anthony Tepedino allegedly stole millions of dollars from his own company by fabricating fake businesses, invoices, and even a story to conceal his misconduct. Rather than serve the best interest of his company, Tepedino allegedly abused his rank as CEO and founder to mislead trusted customers and steer their money into his private accounts. The FBI will continue to investigate those who exploit their authoritative position to defraud others for personal profits.”
DOI Commissioner Jocelyn E. Strauber commented: “As alleged, this defendant engaged in various fraud schemes, stealing millions of dollars from a company he founded and controlled through the use of shell companies and fake documents, and using some of those stolen funds to make commercial bribe payments to a co-conspirator in exchange for steering new contracts, also worth millions, to his company. I thank the U.S. Attorney’s Office for the Southern District of New York and our federal law enforcement partners for their work on this important investigation.”
FDIC-OIG Special Agent in Charge Patricia Tarasca added: “The FDIC-OIG is pleased to join our law enforcement colleagues in announcing this indictment. The charges reflected in this indictment reinforce the FDIC-OIG’s commitment to investigating allegations of fraud, bribery, and other crimes, as we seek to preserve the integrity of our Nation’s financial system.”
IRS-CI Special Agent in Charge Harry T. Chavis Jr., said: “The allegations against Tepedino paint a rainbow of fraud and criminal acts over more than half a decade. Bribery, bank fraud, and stealing from his own company are on the list of ways he’s alleged to have funded his life of luxury. IRS-CI continues to partner in investigations and use its financial expertise to subject alleged conduct like Tepedino’s to justice.”
According to court documents cited by prosecutors:
Between 2018 and 2024,Tepedino allegedly carried out several fraudulent schemes targeting both his own firm—referred here as “the Construction Company”—and its largest customer (“Victim Company”) as well as its largest creditor (“Victim Bank”). Prosecutors allege that with assistance from others,Tepedino set up shell companies,falsified invoices,and diverted more than $5 million from the Construction Company.
It is further alleged that between 2020 through September 2024,Tepedino used some proceeds from these schemes for over $1 million in bribes paid out via a second co-conspirator,a senior manager at Victim Company,in return for contract awards totaling hundreds of millions.The Victim Company reportedly paid over $300 million during four years while bribes were being issued.
In addition,Tepedino is accused between late 2021 through early 2022of making false statements while seeking over $18 million credit from Victim Bank by hiding details about business dealings with shell entities involved.
To obstruct investigations after September 2024,Tepedino allegedly attempted witness tampering by urging two co-conspirators adopt misleading explanations regarding their roles.
Tepedino faces multiple counts carrying significant penalties if convicted: conspiracy,wire fraud,honest services wire fraud (each up to 20 years),aggravated identity theft (mandatory two-year consecutive sentence),bank fraud (up to 30 years),and witness tampering (up to 20 years). Sentencing will be determined by judicial discretion if there is conviction; all charges remain accusations until proven otherwise.
U.S.Attorney Clayton acknowledged investigative contributions made by FBI,the Department Of Investigation,the FDIC Office Of Inspector General,the IRS Criminal Investigation Division,and agents with SDNY’s office.Special mention was given tothe Public Corruption Unit handling prosecution led by Assistant U.S.Attorneys Jessica Greenwood ,Matthew King,and Daniel H.Wolf.
The indictment contains only allegations.Tepedino is presumed innocent unless or until proven guilty.
