Vanessa Roberts Avery, United States Attorney for the District of Connecticut, and David Sundberg, Special Agent in Charge of the New Haven Division of the Federal Bureau of Investigation, announced that MARGARET BOISTURE, 50, of Windsor, had waived her right to be indicted and pleaded guilty today before U.S. District Judge Omar A. Williams in Hartford to a charge stemming from his fraud against his former employer and one of his lenders.
According to court documents and statements made in court, Boisture was the principal financial employee of ZoneFlow Reactor Technologies, a pre-revenue company in the business of developing and commercializing new technology that improves the efficiency of hydrogen production. PayPal marketed and serviced commercial loans from WebBank, a third-party lender. Between October 2016 and approximately February 2020, Boisture defrauded ZoneFlow, PayPal, and WebBank by diverting money from ZoneFlow to itself; incur unauthorized loans that caused ZoneFlow to pay additional interest charges; and making false statements to PayPal and WebBank to trick them into making unauthorized loans to ZoneFlow that expanded the pool of money Boisture could draw from.
In total, Boisture’s criminal conduct caused losses of $632,159.78 to ZoneFlow and $78,066.76 to PayPal and WebBank.
Boisture pleaded guilty to one count of wire fraud affecting a financial institution, an offense that carries a maximum prison term of 30 years.
Boisture is released on $500,000 bond pending sentencing, which is not expected.
This case is being investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant US Attorney David E. Novick.