PORTLAND, Maine — A Saco man waived indictment Tuesday and pleaded guilty to wire fraud.
Joel Bailey, 33, admitted that between October 2008 and January 2011 he stole nearly $72,000 from his employer, the Jordan Group, according to court documents. Bailey worked as a bookkeeper for the firm.
He was released on personal recognizance bail after appearing before U.S. District Judge Nancy Torresen.
Bailey was hired by the Jordan group in 2006 to work in its Scarborough office, according to the prosecution version of events to which Bailey pleaded guilty. Two years later, the owner moved to Dallas but Bailey continued to work for the firm.
In 2006, Jordan Group opened a $37,000 line of credit, according to the prosecution version of events. Over a nearly 2½-year period, Bailey admitted writing checks from that account to himself and his technology company, Noosphere Technologies.
Bailey also wrote checks to himself and his firm, forging his boss’s signature, the prosecution version said. In all, Bailey transferred $71,876 from Jordan Group accounts to his personal accounts.
He faces up to 20 years in prison and a fine of up to $250,000. Under his plea agreement with prosecutors, Bailey agreed not to appeal his sentence if it is two years and two months or less.