White Collar Crime News

FBI attempts to arrest Michael J. Ritacco but come up empty; has surrendered with his attorney October 21, 2010

***10:00 update:  Out of nowhere, Ritacco has retired: http://www.nj.com/news/index.ssf/2010/10/toms_river_superintendent_anno.html

***4:30 update:  You can read the indictment here: http://www.app.com/assets/pdf/B31657891021.PDF

***3:00 update: A District Court Judge set Ritacco’s bail at $1 million.  He should be able to post his Seaside Park home and be out shortly.  A news conference is scheduled for 3:30.  It appears that the only other person named in the indictment is Gartland.  That, of course, makes you wonder who else flipped on him.  There is also the question as to whether any other indictments are coming down or if this is it.  Regardless, it appears as if Ritacco is headed to trial with this case. 

***1:40 update:  Toms River Regional Superintendent Michael J. Ritacco has been named in an 18-count federal indictment that claims he took part in a massive fraud and bribery scheme involving the district’s health insurance broker.  (App.com)

The FBI went to Ritacco’s house this morning at 6am (a favorite time for them) to arrest him but he gave them the slip.  Although his attorney claims he didn’t know he was going to be arrested today, most people (including myself) knew he would be arrested this week.  He drove to his attorney’s office (who is in Florida) and an associate attorney has helped Ritacco turn himself in just minutes ago in Newark. 

Still no word on if anyone has or will be arrested.  There have been rumors flying around Toms River about who else will be arrested.  However, as we saw in Operation Bid Rig 3, many people were implicated but only a few were actually charged.