Advertisement
Carroll County Crime

Westminster man pleads guilty to tax evasion

A Westminster man pleaded guilty to tax evasion in federal court for embezzling funds from his family-owned business in Reisterstown, which he then used for online stock trading, purchasing vehicles and home renovations.

Ramon Anthony Jadra, 47, entered a plea Tuesday in the U.S. District Court in Baltimore, according to a news release from the U.S. Attorney's Office.

Advertisement

Jadra was the president and majority shareholder of Raloid Corporation, based in Reisterstown, which manufactured parts for the defense and aerospace industries, according to the release. He fraudulently converted $900,418 from Raloid and failed to pay $283,481 in taxes on the money, according to the release.

He faces a maximum sentence of five years in prison at his sentencing Dec. 5.

Advertisement

Beginning in 2008, Jadra had checks from Raloid's bank account made out to companies Raloid had business with for amounts not owed, according to the release.

He then established a check cashing account at a liquor store in Reisterstown where he cashed the fraudulent checks, totalling $368,350 between 2008 and 2011, according to the release.

Carroll County Breaking News

Carroll County Breaking News

As it happens

When big news breaks, be the first to know.

More than $300,000 of the funds were then deposited into a shell company named DIA Solutions which Jadra created, according to the release.

Jadra's transactions were less than $10,000 to avoid triggering a currency transaction report from the bank, according to the release.

In the spring of 2010, Jadra hired an attorney to incorporate DIA Solutions in Georgia. He then informed Raloid's controller that DIA Solutions was an independent consulting firm entitled to receive 5 percent of the payments Raloid received on a contract worth $6 million which DIA Solutions helped it obtain.

DIA Solutions had not provided any goods or services to Raloid, according to the release.

Jadra also intercepted payments from two companies which paid for scrap materials from Raloid's manufacturing process because the controller of Raloid was not aware that companies paid for the scraps, according to the release.

The majority of the misappropriated funds were used for unsuccessfil online stock trading but Jadra also purchased a new BMW, home renovations, a boat trailer and a watercraft, and a motorcycle, according to the documents.

Advertisement

Reach staff writer Heather Cobun at 410-857-7898 or email heather.cobun@carrollcountytimes.com.


Advertisement