Executives admit guilt in NYC fire alarm fraud

Two executives of a fire alarm repair company have pleaded guilty to fraud. Walter Stanzione, 66, and William Noegra, 65, ran their scheme for over a decade, cheating New York City agencies out of money. They operated the Fire Alarm Electrical Corporation from 2009 to 2020. Their clients included the departments of Environmental Protection, Education, and Sanitation. In court, the men admitted to submitting false and inflated invoices. Their actions resulted in at least $1.6 million in fraud. Federal prosecutors say they created fake companies to charge much higher prices for alarm parts. They even used shell companies tied to other fraudsters. Their scam included billing for non-existent alarm parts, inflating payments, and submitting fake invoices. The U.S. Attorney stated that the defendants abused their position of trust. They were meant to ensure fire safety in city buildings but instead stole millions. Stanzione could face five to six and a half years in prison, while Noegra might receive up to three and a half years. Sentencing dates for both men are yet to be determined.