Former FBI agent admits stealing $1.5M

Aug. 4, 2003 at 4:49 PM
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BOSTON, Aug. 4 (UPI) -- A former New Hampshire FBI agent pleaded guilty Monday in federal court in Boston to one count of mail fraud in a scheme to steal $1.5 million.

M. William Potts III, a former FBI supervisor in charge of investigating white-collar crime, was employed most recently by Jelmoli Holding Inc.

U.S. Attorney Michael Sullivan said that between April 2000 and November 2000, Potts wrote 20 checks totaling $1.5 million on Jelmoli's bank account but he used the money to satisfy securities margin calls on his own personal securities accounts.

Potts is to be sentenced Nov. 3 and faces a maximum of five years in prison followed by 3 years supervised release and a $250,000 fine.

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