The founder and CEO of a construction company that abruptly laid off as many as 500 employees in August is facing federal bribery and fraud charges in an alleged scheme that looted more than $5 million from his own company.
Anthony Tepedino of Manalapan, founder and CEO of Allstate Sales Group in Holmdel, was charged in a federal indictment with multiple charges including wire fraud, bank fraud and witness tampering.
The indictment alleges that from about 2018 to about 2024, Tepedino allegedly engaged in schemes to defraud the company's largest customer, its largest creditor, and the company itself, federal authorities said. To carry out the plot, Tepedino and co-conspirators formed shell companies, created fake invoices, and took the construction company for more than $5 million. If found guilty of bank fraud, he faces a maximum sentence of 30 years in prison.