Democrat Mayor Arrested for Embezzling Over $230,000 of Investors' Money
Massachusetts Mayor Jasiel Correia was caught spending money he raised for investment
A Democrat mayor from Massachusetts was arrested on Thursday after a federal investigation found that he allegedly stole over $230,000 from investors and spent the money on himself.
Mayor of Fall River Jasiel Correia, who was elected mayor at just 23 years old, used the investment money to fund his own lavish lifestyle and pay off his student debts.
Correia, now 26, was arrested for stealing $231,447 from money that was supposed to develop a new app designed to connect businesses with target consumers.
The app, SnowOwl, received a total of $360,000 from investors but federal investigators discovered that most of that money has been spent by Correia.
The Democratic official allegedly spent tens of thousands of dollars on a Mercedes-Benz and designer clothing for himself, plus expensive jewelry for an ex-girlfriend.
He also used the money to fund his personal travel and spend on adult entertainment and his election campaign.
According to Fox News, FBI agent Hank Shaw called Correia “shameless and greedy.”
"Mr. Correia blurred the lines between public business and private duties, using investor funds as his own personal ATM, systemically looting almost a quarter-million dollars,” he continued.
He is charged with wire fraud and filing false tax returns – something prosecutors allege he did as soon as he learned he was under federal investigation.
Correia was elected as city councilor in 2013 as a Democrat and then he was elected as mayor of Fall River in 2015, just one term later.
He easily won reelection.
The U.S. Conference of Mayors said at the time he was the youngest mayor to run a city as large as Fall River, with a population of roughly 87,000.
Official statement regarding today’s events. There will be a lot more of the story released as time progresses. I will continue to update all who are interested. pic.twitter.com/OMQnsMzgUM— Jasiel F. Correia II (@MayorJFC) October 11, 2018
In a statement to Fox News, Correia denied any wrongdoing saying he is "innocent of all the allegations and charges made against" him, adding he will "absolutely not" resign from office.
"I look forward to my day in court to share my side of the story and to clear my name."
Fall River is most famous for Lizzie Borden, who was accused but later acquitted of killing her father and stepmother with an ax in 1892.