The government contended that Schessel was aware of these concerns before he began promoting the $670 million deal, which led investors to pump up his company’s stock. The deal later collapsed, and the government alleged that Schessel’s actions misled investors. However, Schessel has maintained that he was legally required to disclose the contract and insisted there was no fraudulent activity on his part.
The government’s legal team includes George Brandley and Angelica Sinopole of the U.S. Attorney’s Office for the District of New Jersey, along with Glenn S. Leon, Robert Spencer Ryan, and Lucy B. Jennings from the U.S. Department of Justice. Schessel’s defense is being handled by James M. Roberts, Douglas E. Grover, and Angela Li of Schlam Stone & Dolan LLP.
The case is titled U.S. v. Schessel, case number 2:22-cr-00374, and is being heard in the U.S. District Court for the District of New Jersey.
