Glenn T. Suddaby, United States Attorney for the Northern District of New York; John F. Pikus, Special Agent-in-Charge, Federal Bureau of Investigation, Albany Division; Preston L. Felton, Superintendent of the New York State Police; and Richard Northrup, District Attorney of Delaware County, make the following announcement:

Richard M. Stock, 36, of Downsville, New York, pleaded guilty today in federal court in Binghamton, New York before Senior Judge Thomas J. McAvoy to a one-count felony Information charging Bank Fraud, pursuant to Title 18, United States Code, section 1344. Stock will be sentenced in federal court on July 17, 2007. At the time of sentencing, Stock faces a possible maximum sentence of 30 years imprisonment and a $20 million fine.

In pleading guilty today, Stock admitted all of the following facts during the entry of his guilty plea in federal court: Stock was employed by DMV USA, L.P. from about October of 1997 until about January of 2007. DMV USA, L.P. is a company with offices located in Delaware County, New York. Defendant Stock was the Controller at DMV USA, L.P. and Stock worked at their offices located in Delaware County, New York, in the Northern District of New York. As the Controller, Stock had direct access and control over large sums of money held in bank accounts at various banking institutions. These various bank accounts were business accounts for Nutritional Concepts, Inc. and DMV USA, L.P. Commencing in approximately 2004 and continuing through January of 2007, Richard M. Stock unlawfully and fraudulently diverted and misappropriated money from bank accounts owned by Nutritional Concepts, Inc and DMV USA, L.P. into various personal bank accounts held by Richard M. Stock. Stock thereby stole more than $10,000,000.00 by way of executing this bank fraud scheme.

The case was investigated by the Federal Bureau of Investigation and the New York State Police. It is being prosecuted by Assistant United States Attorney Miroslav Lovric.

Further inquiries may be directed to Assistant United States Attorney Miroslav Lovric at the United States Attorney's Office for the Northern District of New York, Binghamton branch office, at (607) 773-2887.