US attorneys aim to revoke Krinos bond, claiming 2nd business fraud
U.S. attorneys seek to revoke the bond of former Campbell Mayor George Krinos, who they allege has started another fraudulent business, according to a filing in U.S. District Court.
Krinos, who served as mayor of Campbell from December 2009 to January 2011, received a 57-month prison sentence earlier this year after pleading guilty to securities fraud and willful failure to collect or pay tax.
He is scheduled to report to the Bureau of Prisons Nov. 1.
U.S. attorneys, however, believe he presents an ongoing and continued economic harm to the community while out on bond.
Krinos formed and operates Historic Community Rehabilitation, which claims to eliminate blight by obtaining federal, state and local grants to renovate houses, according to the filing.
“Much like his fraudulent ventures into financial advising and home building, Krinos oversells his capabilities to make this goal a reality,” the filing states.
The company was nominally formed by Michael Bobic, an employee in Campbell’s water department, and Krinos told the government he only assisted Bobic in filing incorporation firms, according to the filing.
The company’s website contains stock photographs of locations believed to be in Brazil and Brooklyn, U.S. attorneys claim.
Read more about the case in Friday's Vindicator or on Vindy.com.