Ramsey Woman Accused of Misapplication of Entrusted Funds, Falsifying Records
Acting Bergen County Prosecutor Dennis Calo announced the arrest of Kunal Kapadia,42, of Ramsey, on Misapplication of Entrusted Funds and Falsifying Records charges.
According to authorities, in July 2017, the Bergen County Prosecutor’s Office Financial Crimes Unit received a complaint from the named beneficiaries of an estate regarding suspected fraud committed by the executor and trustee, who was identified as Kapadia.
Officials say that the ensuing investigation revealed that Kapadia, in her capacity as executor and trustee, had liquidated estate investment funds and transferred in excess of $400,000 to bank accounts that she controlled for her own benefit. She then concealed her illicit activities by providing the named beneficiaries with falsified investment fund and tax documents.
Police arrested Kapadia on July 2nd in Paramus and charged with one count of Misapplication Of Entrusted Funds, with the amount involved being greater than $75,000 and one count of Falsifying Records.
According to authorities, Kapadia is scheduled for a first appearance in Central Judicial Processing Court in Hackensack on July 18th at 9:00 a.m.
The charges are merely accusations and that the defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt.