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Rotterdam contractor charged in half-million dollar larceny scheme

Wednesday, March 5, 2014
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Timothy S. Larned, left, and Frank W. Corradi.
Timothy S. Larned, left, and Frank W. Corradi.

— Well-known Rotterdam contractor Timothy Larned was charged with felony grand larceny and money laundering for his role in a scheme that allegedly helped a Glenville man bilk more than a half-million dollars from a noted Schenectady builder for work that was never performed and materials never delivered.

Larned, 62, was charged with single counts of grand larceny and money laundering, in addition to the felony charge of money laundering. Investigators allege he helped Frank Corradi 49, of Glenville, swindle more than $500,000 from his employer Plank Construction Services, a Schenectady-based general contractor that has worked on number of large public and private projects throughout the Capital Region.

Corradi, who was employed at Plank's earth works division, was charged with 11 counts of third-degree grand larceny and two counts of fourth degree grand larceny. He was also charged with single felony counts of money laundering and falsifying business records.

Both men appeared in Schenectady City Court.

Larned was arraigned in city court Tuesday afternoon and released after posting $30,000 bond. Corradi was released Tuesday after posting $60,000 bond; both men are due back in court on March 25.

Investigators believe Corradi, who was tasked with hiring contractors to perform work, was actually using a shell company to overcharge his employer. The shell company — identified by investigators as Rex Earth LLC — was set up exclusively to defraud by falsifying bills. These bills were then authorized as legitimate expenses by Corradi and paid to Rex Earth, a company with the same post office box as Larned's business, William Larned & Sons.

Police believe the funds used to pay the fraudulent charges were then diverted back to Corradi and others. Investigators also uncovered tens of thousands of dollars. fictitious billing on the part Larned's company to Plank Construction Services.

Records show that Rex Earth was organized in April 2013.

Larned's business is one of the preeminent gravel and material haulers in the Capital Region. In Rotterdam, he's backed of many large-scale developments, including an ongoing project to transform the old Rotterdam Republican Club grounds into a massive 248-unit apartment complex.

As part of the project, Larned sold nearly nine acres property off Burdeck and behind Rotterdam's wastewater treatment plant to Schenectady County so that the Rotterdam Little League could build ball fields. The county paid $260,000 for the land.

 
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