Stephen W. DeCrescenzo
Photo courtesy of New Canaan Police Department
The federal conviction prohibits DeCrescenzo
, 37, of West Haven, from holding public office.
DeCrescenzo submitted his resignation from his position on the council earlier on Monday, according to his attorney, Robert Frost Jr. of New Haven.
DeCrescenzo waived indictment and entered the plea Monday before U.S. District Court Judge Janet Bond Arterton in New Haven.
During Mondays court proceeding, DeCrescenzo
told the judge he
sees a therapist because of a gambling problem.
According to a stipulation of offense conduct, DeCrescenzo
knowingly caused to be transmitted a $30,000 wire transfer, to a customers account in Connecticut, to pay a gambling debt owed to a third party.
While the conviction carries a maximum term of imprisonment of up to 20 years and a fine of up to $250,000, sentencing guidelines call for DeCrescenzo
to get between 15 and 21 months, and a fine of between $4,000 and $40,000.
The guidelines are advisory, not mandatory, and a judge may impose a sentence outside of the guidelines at DeCrescenzos sentencing Feb. 17.
must make restitution of about $106,028, according to the plea agreement, with the schedule of payments to be determined at sentencing.
has two counts of first-degree larceny pending against him in state Superior Court in Stamford in connection with the case.
The larceny counts were lodged in late 2013, and DeCrescenzo had continued to serve on the council in the months since his arrest.
DeCrescenzo worked as a personal banker for JPMorgan Chase Bank in New Canaan, according to court documents and statements made in court.
Between September 2008 and November 2011, DeCrescenzo
embezzled $106,028 in funds from customer accounts by transferring the funds into a separate customer account to which he
had access, according to the U.S. Attorneys Office.
Assistant U.S. Attorney Douglas P. Morabito also described the case against DeCrescenzo in court Monday.
disguised account withdrawals as authorized cash withdrawals by customers.
According to prosecutors, DeCrescenzo
had actually stolen the money.
also wired funds stolen from a customer account into another bank account for his
personal benefit, prosecutors said.
was released on a $50,000 bond.