Drugs Help to Drive Man to Financial Fraud

Drugs Help to Drive Man to Financial Fraud

A drug problem, combined with a gambling addiction, helped to drive a spree of thefts committed by Noah Schapiro. This drug addicted Williamsville debt collector has been ordered by State Supreme Court Justice Christopher J. Burns to serve a six- to 12-year prison term and repay 21 victims and a bank a total of $433,168.

The Buffalo News reported that six of Schapiro’s victims were in the courtroom as the judge referred to the former stock broker as “simply a thief and a pathological con man” for the planned and deliberate thefts from his debt business clients and Citizens Bank.

Jailed since last fall, Schapiro scammed young and elderly victims and even some of his friends. Burns told Schapiro that he is convinced there is no reasonable possibility that any of his victims will be repaid. Schapiro, however, denied intentionally trying to swindle any of his former clients and claimed he is “deeply remorseful.”

Financial crime prosecutor Candace K. Vogel insisted Schapiro sign confessions of judgment, making him at least legally obligated to someday fully repay all his victims.

According to Robert N. Convissar, Schapiro’s lawyer, his client’s drug, drinking, gambling and depression-related problems were sparked by the stock market collapse and led to his downfall and the collapse of this marriage.

Vogel and State Police Investigator Therese Schroeder said Shapiro conned 21 victims out of $388, 168 from March 2008 through September 2009 by promising them big profits in debt-collections funds.

Schapiro’s crimes, according to Vogel, include the defrauding of Citizens Bank through a check “kitting” scheme between May 20, 2008 and June 11, 2008. The scheme included writing checks to other businesses on a Citizens Bank account that he knew lacked the funds to cover the checks.
 

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