More than 100 client companies would provide Cacaro’s company with payroll information, and in his scheme, he understated the payroll by millions of dollars. That resulted in a lesser amount of premiums owed to the Ohio BWC, despite having collected the correct amounts from client employers.
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In total, Cacaro under-reported more than $425,000 in workers’ compensation premiums.
“John Cacaro lined his pockets with the hard-earned money of his clients and systematically defrauded the Ohio BWC,” said Special Agent in Charge Ryan Korner. “Now he is a convicted felon and must repay the stolen money.”
As part of his plea agreement, Cacaro has agreed to pay the total amount of $425,246.58 in restitution.
“Anyone who cheats BWC to enrich themselves is driving up the cost of the whole system, and that hurts all of us,” said Director Jim Wernecke. “It hurts employers who follow the law and play by the rules, and it hurts the injured workers who rely on us to help them get back to work and back to their lives as soon as safely possible.”
Wire fraud is a federal crime punishable by up to 20 years in prison. Money laundering is punishable by up to 10 years in prison. A sentencing date has not yet been set.