The founder of a New York private equity firm took a plea deal Monday for stealing $9.3 million from investors and spending it on jewelry, a luxury car and rent.
West Point grad Lawrence Penn III copped to grand larceny and falsifying business records in exchange for 2 to 6 years in prison. He must also make restitution of $8.3 million and relinquish his company's interest in the fund.
Justice Laura Ward offered the deal over the objections of prosecutors. Assistant District Attorney Chevon Walker recommended 4 to 12 years in prison. He's already served more than a year of his sentence.
Penn allegedly siphoned cash from Camelot Acquisitions to a shell company set up by his pal Michael Ewers – who also pleaded guilty for his role in the scheme that ran from 2010 to 2013.
The diverted cash was made to look like payments for Ewer's services but actually served as a front, prosecutors said.
Penn, 45, allegedly used the stolen loot for credit card payments, cash withdrawals, luxurious office space, rent for two apartments, jewelry and even a fancy car.
"Under the circumstances it's a very fair disposition and I commend Judge Ward for having the independence to impose a sentence substantially below what the District Attorney was asking for," said defense lawyer Ben Brafman. "I think it's appropriate given my client's sterling record before this incident."
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