Fraud Defendant Claims Conspiracy by U.S.
- Share via
A Venice man indicted on charges of participating in a scheme to steal more than $1 million in federal scholarship funds said he has been unfairly targeted by federal officials because they can’t bring the real culprits to justice.
Kenneth Williams Jr. issued a formal statement proclaiming his innocence in response to an indictment by a federal grand jury on Jan. 17.
The indictment alleged that Sergio Stofenmacher, the former owner of IADE American Schools, and Williams, the trade school’s chief financial aid officer, conspired to defraud the U.S. Department of Education. The men are charged with conspiracy, theft, money laundering and making false statements to a federal agency.
“What is really going on here,” Williams contended, “is an attempt by the U.S. attorney’s office, after having spent two years and countless taxpayer dollars and being pressured by senior U.S. Department of Education officials to indict someone, frankly anyone, that they can actually bring to trial.”
Stofenmacher fled to his native Argentina after a March 1995 raid by federal officials.
Before declaring bankruptcy in 1995, IADE operated six schools in Southern California and one in Florida.
More to Read
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
