Caronna sentenced to 7 more years - FOX13 News, WHBQ FOX 13

Caronna sentenced to 7 more years

Posted: Updated:
MEMPHIS, Tenn. (FOX13) -

Joe Caronna was sentenced to an additional seven years on federal financial crimes.

He plead guilty to charges of defrauding clients, and using the nearly 700-thousand dollars he stole to buy expensive cars and antiques.

Caronna is already serving a life sentence for the 2008 murder of his wife, Tina.

Prosecutors say he killed his wife because he feared she was about to discover his financial fraud.

As outlined in the indictment, beginning in or about 2001 and continuing up to and including May 31, 2009, Caronna systematically embezzled money from insurance customers of his business, Joe Caronna Investments. He had the money diverted to private mail facilities where he obtained mail boxes in the names of his clients. The total loss to the victims was over $500,000.

It was revealed during his plea hearing that Caronna used the proceeds of his crimes to finance the purchase of a collection of sports cars and vehicles, including a 1971 Chevrolet Chevelle, a 1969 Corvette, a 1983 Porsche 911, a 1985 Porsche 930, a 1980 Chevrolet Corvette, a 2006 Hummer, and a 2002 Honda Blue Shadow motorcycle. He agreed to the forfeiture of those vehicles.

"Motivated by unscrupulous greed and deceit, Joe Caronna abused his position of trust to steal hundreds of thousands of hard earned funds from his clients, many of whom were his friends," said U.S. Attorney Stanton. "Today's prison sentence imposed by the Court underscores our unwavering commitment to bringing to justice individuals who engage in financial crimes, especially when they prey upon innocent and unsuspecting victims."

This case was investigated by the United States Postal Inspection Service, the Internal Revenue Service and the Bartlett Police Department. Larry Laurenzi represented the government.

Powered by WorldNow

WHBQ-TV | Fox 13
485 S. Highland St.
Memphis, TN 38111

Main Station: (901) 320-1313
Newsroom: (901) 320-1340

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices