Young mayor arrested after using nearly a ‘quarter-million dollars’ of investor funds for personal gain, officials say

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A Democratic mayor from Massachusetts, who was first elected at age 23, was arrested Thursday after a federal probe discovered that he allegedly stole almost $250,000 from buyers to fund his lavish life-style and pay down his scholar money owed.

Mayor of Fall River Jasiel Correia, now 26, was arrested after allegedly stealing $231,447 from buyers – cash that was presupposed to develop an app which linked companies with goal customers.

The app, SnowOwl, acquired $360,000 from buyers however federal authorities say that the majority of that cash was spent by Correia.

He allegedly spent tens of hundreds of on designer clothes, a Mercedes-Benz and jewellery for an ex-girlfriend. He additionally used the cash for private journey, grownup leisure and marketing campaign funds, and even paid down his scholar debt.

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FBI agent Hank Shaw referred to as Correia “shameless and grasping.”

“Mr. Correia blurred the traces between public enterprise and personal duties, utilizing investor funds as his personal private ATM, systemically looting nearly a quarter-million ,” he continued.

He’s charged with wire fraud and submitting false tax returns – one thing prosecutors allege he did as quickly as he discovered he was underneath federal investigation.

Correia was elected as metropolis councilor in 2013 as a Democrat after which he was elected as mayor of Fall River in 2015, only one time period later. He simply gained reelection.

The U.S. Convention of Mayors stated on the time he was the youngest mayor to run a metropolis as massive as Fall River, with a inhabitants of roughly 87,000.

In a statment to Fox Information, Correia denied any wrongdoing saying he’s “harmless of all of the allegations and prices made in opposition to” him, including he’ll “completely not” resign from workplace.

“I look ahead to my day in court docket to share my aspect of the story and to clear my identify.”

Fall River is most well-known for Lizzie Borden, who was accused however later acquitted of killing her father and stepmother with an ax in 1892.

The Related Press contributed to this report.

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