EX Glock CEO Guilty of Racketeering
Manasquan, NJ --- Following a week of testimony, it took a Cobb County, Georgia jury slightly less than six hours to find former Glock CEO Paul Jannuzzo guilty of racketeering..
The racketeering charge was reached as the jury found Jannuzzo, 55, guilty of two other charges: stealing a pistol and conspiring with former Glock executive Peter Manown to skim millions from the Smyrna, Georgia-based Glock.
A sentencing hearing will be scheduled for later this month. Jannuzzo, 55, could face up to 30 years in prison for the theft and racketeering charges for which he was indicted in 2009. Defense attorney Robert Citronberg declined to comment, except to say he will appeal the verdict.
Jannuzzo was charged with stealing money by forging Gaston Glock's signature, fabricating loan documents and pilfering corporate funds. Prosecutors say he funneled the money through an elaborate network of foreign bank accounts and company holdings.
He was also charged with stealing a custom-made gun from the company that was later discovered at his condo by police
Prosecutors said Jannuzzo conspired with another former Glock executive, Dunwoody lawyer Peter Manown, to divert millions of dollars from the company between 1991 and 2003 using cloned bank accounts, forged documents, and fraudulently obtained loans.
Peter Manown pleaded guilty to three counts of theft in 2008 and was sentenced to 10 years probation and no jail time. In return, he provided prosecutors with a statement outlining the embezzlement he and Jannuzzo had allegedly engaged in.
Jannuzzo was originally indicted in 2007, but was reindicted in 2008 so prosecutors could add the charge of obstructing law enforcement when he allegedly lied to Symrna Police during questioning. Had he not been reindicted, the statute of limitations would have expired on the gun theft charge. Without that charge, Jannuzzo would not have been in jeopardy under the racketeering charge.
Glock founder Gaston Glock did not testify in the proceeding.