Former Hershey man sentenced for fraud and cash laundering

HARRISBURG, PA (WHTM) – A former Hershey resident was sentenced Tuesday to 11 years in prison and three years’ custody release on Tuesday on charges of fraud and other charges, according to the PA Middle District.

Michael Jay Jackson, 61, was convicted by US District Judge Sylvia Rambo of bankruptcy fraud, cable fraud, aggravated identity theft and money laundering. Jackson was also asked to pay $ 1,567,275 in restitution.

Jackson pleaded guilty to charges in November 2017 on charges of 12 wire fraud cases, five bankruptcy fraud cases, nine bankruptcy false declarations and two aggravated identity theft cases.

Jackson defrauded his wife and the Middle District Pennsylvania Bankruptcy Court by filing seven Chapter 13 and Chapter 11 bankruptcy filings, five of which were in his name and two in his wife’s name without her knowledge or consent after being banned had been filing petitions for two years.

All seven petitions contained false information about his assets, income and employment. These petitions were tabled to postpone the sheriff’s sale of his Hershey residence.

In March 2018, he pleaded guilty to a two-count charge of wire fraud and money laundering on a double charge after he ran a credit fraud program on a fraudulent business venture between 2007 and 2017.

Jackson defrauded 22 victims of $ 1.7 million by convincing them to provide him with loans to cover his personal expenses while they believed a New York capital investment company was sponsoring his fake INTEX Building Materials Group Inc.

Victims were promised high returns on alleged short-term loans, but INTEX BMG had no significant assets, no paid employees, and never generated income.

Hershey tracked Covid tendencies after seeing s’mores demand rise as instances grew, CEO says

Hershey sees strong demand for chocolates and seasonal sweets as people are locked in their homes looking for every small occasion to celebrate.

“Throughout the year, time of year was a major driver as consumers really wanted the comfort and normalcy associated with seasonal traditions and rituals at a time when Covid was uprooting their lives,” he said Hershey CEO Michele Buck in an interview with Sara Eisen from CNBC on Thursday “Close the bell.“”

A notable example was a trend Hershey spotted when coronavirus cases increased across the country, demand for s’mores ingredients increased. Families no doubt sought fun by setting up barbecues in their backyards and roasting S’Mores over the fire. Hershey said his chocolate sales were 40% to 50% higher in areas with an increased number of Covid-19 cases than in areas that were lower.

“Over the past year we have found that wherever the number of Covid cases has increased, there has been higher sales of s’mores ingredients. We were then able to use the case number as a harbinger of where we were doing some of that effort should focus and build shows and places media in these markets, “said Buck.

Retailers are also familiar with the trends and stocked up on Valentine’s Day and Easter candy sooner than ever to ensure they have plenty of choice.

Hershey stock closed Thursday less than 1% at $ 147.22 after sales rose 5.7% to $ 2.19 billion in the fourth quarter. Net income increased 41% to $ 291.4 million. Excluding items, Hershey earned $ 1.49 per share, beating analysts’ estimates.