Maine man admits to selling bogus stock shares to pair of Port of NH officials
BRENTWOOD – A Maine man admitted to selling $50,000 in bogus stock to two Port of New Hampshire officials as part of a plea deal with county prosecutors that allowed him to dodge a trial and potential state prison sentence.
John Rummler, 65, of Kittery, Maine, pleaded guilty Wednesday morning to two misdemeanor counts of unlawful business transactions.
He received a suspended 12-month jail sentence and was ordered to pay a $2,000 fine for duping Geno Marconi, the director of the Port of New Hampshire, and his chief operating officer, Alan Cummings.
The two men believed they bought shares of Wastech International between September 2004 and November 2005, and later learned Rummler had taken their money, prosecutors said.
The surprise plea came on the same day that a judge was scheduled to hear arguments on why the case should be dismissed due a potential statute of limitation issue.
Rummler was facing a pair of theft and forgery charges prior to Wednesday's plea agreement.
In July, Rummler entered into an agreement with the state Bureau of Securities Regulation, admitting that he duped Marconi and Cummings.
"He paid both the victims back in full," assistant county attorney Patricia Conway said. "Both victims were really not interested in pursuing criminal charges, but the state felt it necessary to file something."