I am sorry to report that ten years ago I was involved in a mortgage fraud scheme. In February of 2009 I was indicted by the Federal Government. Subsequently, I pled guilty and was sentenced on today’s date to 27 months incarceration. There is absolutely no excuse for my actions back then and I make no excuses today. Inevitably, when reporting on my sentencing, some news reporters will also mention the Co-op. In as much as I think that would be inappropriate, I hope that you all are able to make the distinction between what happened ten years ago and what is happening today.
Since 2006 I have given my all to making sure this Co-op is the best that it can be. I am proud of the accomplishments we have made and the benefits it has provided the thousands of members who have stuck together and the various charities that have also benefited from our efforts.
On February 8, 2011 I will no longer play any significant role in the decision making for our group. I would suspect that our competitors will use this as a way to deceive the public into thinking the Co-op has lost its strength. Ben Neri has been the President of the Co-op for almost a year now and he is committed to continuing the good work we have started. Ferrellgas has assured me that the Co-op is their largest account in the Northeast and they have every intention of protecting it.
I hope that this will settle any questions that may arise from today’s proceedings. I will be busy for the next few weeks but will try to answer any questions you may have.
Thank you,
Michael
