Baltimore, Maryland – Stephen Franklin, age 54, of Salisbury, Maryland, pleaded guilty today to a wire fraud conspiracy and to aggravated identity theft in connection with the theft of more than $1.8 million from Shore Appliance Connection.
The guilty plea was announced by United States Attorney for the District of Maryland Erek L. Barron and Special Agent in Charge Thomas J. Sobocinski of the Federal Bureau of Investigation, Baltimore Field Office.
According to his plea agreement, Franklin was the chief operating officer of Accurate Optical, a chain of optometric shops on the Eastern Shore of Maryland and with the owners of Accurate Optical he also purchased East Coast Optometric, a chain of South Carolina optical shops. Franklin and co-defendant Duane G. Larmore met through the Salisbury Chamber of Commerce and became friendly.
As detailed in the plea agreement, Larmore was an employee at Shore Appliance Connection (“Shore Appliance”), located in Salisbury, Maryland, whose duties included maintaining the books and records for the company. The company was owned and operated by Owner #1 and Owner #2. From mid-September 2016 through about March 2020, Franklin conspired with others, including Larmore, to steal more than $1.8 million from Shore Appliance.
Specifically, Franklin and Larmore stole over $1 million from Shore Appliance to use for their own purposes, including to make investments and to pay business expenses for Franklin’s businesses, without the knowledge and consent of the owners of Shore Appliance. For example, Franklin introduced Larmore to an individual who offered an opportunity to invest in an oil deal that promised quick and substantial returns, for an initial investment of $100,000. Franklin did not have $100,000 but knew that Larmore could obtain the investment funds from Shore Appliance. Larmore wire transferred $100,000 of Shore Appliance’s money to an account controlled by Franklin, who wire transferred the funds to an individual in the United Kingdom to invest in the oil deal. Those funds were ultimately returned to Shore Appliance because the name on the bank account did not match the named beneficiary on the wire transfer form completed by Franklin. Prior to the funds being returned and at Franklin’s urging, Larmore transferred another $100,000 to T.H., purportedly an attorney for the oil deal. Franklin also convinced Larmore to invest in other deals, including: in 2016, a $95,000 investment with GenFinance II, PLC, London, U.K., which then required an additional $300,000, and then additional funds for additional expenses and travel abroad; in 2018, an investment through W.S. of $35,000 and an investment through Gateway Capital of $50,000; and in 2019 – 2020, investments and expenses through I.P. and E. P.-S. to recover assets in the custody of U.S. Customs, part of the Department of Homeland Security. No investment paid any return to the schemers.
Nobody cares what BIDEN & PELOSI have stolen from America !!!!
TRILLIONS !!!!! $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
I thought Duane knew better. That’s one way to ruin your inheritance and not be invited to Thanksgiving dinner. Franklin always seemed like a con to me.