[almost two years ago, I noted in news about the indictment of a former EnCap executive that "it never hurts to mention how profound “innocent until proven guilty” is when someone’s freedom is at stake." Here's why]
William Gauger, a founding father of the failed Meadowlands EnCap golf and housing project, recently pleaded guilty to one count of wire fraud under terms of a plea agreement with federal prosecutors that would lead to the other 10 counts of the Jan. 2012 indictment being dropped.
Under federal sentencing guidelines, Gauger appears likely to receive 0 to 6 months in prison at sentencing in January with the added possibility of up to three years of “supervised release,” although all parties agreed that the specific sentence technically will be at the discretion of the sentencing judge.
The core of the indictment was an alleged shakedown of a financial consultant and former friend of Gauger for $100,000 stemming from an Asbury Park condo development in which the adviser wound up receiving nearly $900,000 in “success fees.” But all five of those counts, which were for an alleged scheme to deprive North Carolina-based Cherokee Investment Partners of Gauger’s “honest services,” would be dropped as part of the deal.
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