In 2009, a federal jury found Vincent J. Fumo guilty of defrauding the state Senate and two non-profit organizations. In the ruling, he was also found guilty of staging a cover up, as a failed bid to throw off the FBI and federal prosecutors. In addition to this, he acknowledged that he hired several of his cronies for no-show state jobs, used taxpayers money to hire private eyes to spy on his romantic and political rivals and overpaid some staff to serve illegally as his servants and political foot soldiers.
In the conviction, Fumo lost his law license and his one hundred thousand dollar annual salary, which was tied to his position in the state Senate. In addition, he lost his position within a Philadelphia law firm that annually netted approximately one million dollars towards his worth. Since the ruling, he has paid four and a half million dollars in restitution to victims of his various crimes. He is still fighting demands from the IRS that he pay an additional four million to compensate for funds he made illegally.
In terms of punishment for his crimes, not only was Fumo forced to pay back some of his illegally earned profits; he was sentenced to time in jail. He has spent four years in prison and an additional five months on home confinement. Fumo will be on probation until 2017.In the loss of a great deal of his worth, Fumo has decided to open a business consulting firm, according to an article recently Philly.com. Fumo’s hope is that profits made from the firm can help recoup the costs of his attorney fees and the funds he paid in restitution for his crimes.
There are no laws in Pennsylvania that bar Fumo from consulting post a conviction; therefore, his business is completely legal. He has already acquired two clients. The president of the Pennsylvania Thoroughbred Horsemen’s Association has hired Fumo as a means of providing strategic input. The president was particularly interested in bringing Fumo in, due to his joint experiences in legislative and the act detailing and regulating gambling in the state of Pennsylvania. Penn Warehousing & Distribution, a leading marine-terminal company, has also acquired Fumo’s services, in the hopes that the former Senator can help the company block a rival from gaining control of desirable port acreage.