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A federal judge has ordered a Westfield man to spend five years in prison and pay a fee of more than $1.5 million after he pleaded guilty to a money laundering scheme.
George Blankenbaker, 56, was charged April 1 with money laundering and two counts of wire fraud in April after an Internal Revenue Service investigation showed he fleeced investors out of over $1.4 million from between his three business entities.
Blankenbaker persuaded more than 100 people to invest over $10 million in his businesses, Stargrower Entities, according to the U.S. Attorney’s Office. He told investors the funds would be used to finance food shipping containers. He instead diverted the money to interest payments and return of principal payments to other investors and to fund his personal and business ventures from 2016-19.
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