Windsor resident admits defrauding employer and its lender of more than $700k

Hartford Courant/TNS
·1 min read

A Windsor woman waived her right to be indicted and pleaded guilty Tuesday in Hartford to a charge stemming from her fraud against her former employer and one of its lenders, according to federal authorities.

Margaret Boisture, 50, pleaded guilty to one count of wire fraud affecting a financial institution, a charge that carries a term of up to 30 years in prison, according to federal authorities.

Federal authorities said, citing court documents and statements made in court, that Boisture functioned as the “chief financial employee of ZoneFlow Reactor Technologies, a pre-revenue company in the business of developing and commercializing a new technology that improves the efficiency of the production of hydrogen.” 

Further, between about October 2016 and February 2020, “Boisture defrauded ZoneFlow, PayPal and WebBank by diverting ZoneFlow money to herself; taking unauthorized loans that caused ZoneFlow to pay additional interest expense; and making misrepresentations to PayPal and WebBank to induce them to make unauthorized loans to ZoneFlow that expanded the pool of money from which Boisture could take,” federal authorities said in a statement.

In total, Boisture’s “criminal conduct caused losses of $632,159.78 to ZoneFlow and $78,066.76 to PayPal and WebBank,” the statement said.

Boisture is free on a $500,000 bond pending sentencing, which is not yet scheduled, according to federal authorities.