NORFOLK, Va. – A naval officer pleaded guilty to his role in a $2.7 million procurement fraud scheme, and to lying on his federal income tax return.
Randolph M. Prince, 45, defrauded the Navy out of more than $2.7 million when he steered government contracts to sham companies run by his friends, according to court documents.
The Virginia Beach man had the authority to make purchase requests for military equipment and sign for goods on behalf of his command.
Court records show Prince took advantage of his position to direct purchases to these companies for his benefit.
The sham companies would distribute the Navy money to Prince and his associates.
Prince pleaded guilty to wire fraud and making a false statement in connection with his 2014 tax return, and faces a maximum of 20 years in prison when he’ll be sentenced on December 3.