EMBEZZLER ACCUSED OF BILKING INVESTORS

Section: LOCAL,  Page: B2

Date: Wednesday, January 29, 1992

A Delmar man who served a term in state prison for his part in one of the largest embezzlements in Albany banking history has been charged by State Police with bilking local residents out of hundreds of thousands of dollars in an investment scheme. Frank W. Kindlon, 49, of 31 Gardner Terrace is being held without bail in Albany County Jail after his arraignment on charges of second-degree grand larceny.


During the last 18 months, police said, Kindlon swindled a local family out of $250,000 and police are looking for additional victims of the scam. Police said Kindlon used a variety of methods to swindle people after meeting with them at various business locations and promising a large payback.


Police said they believe there are other victims of the scam and have requested that anyone who suspects they may have been a victim to contact the Bureau of Criminal Investigation at Troop G Headquarters in Loudonville. The number is 783-3223.


In 1980, Kindlon and eight other people were convicted for their part in a scheme to issue bogus loans from the State Bank of Albany to friends and relatives.


Police said 147 improper loans were involved totaling $1.5 million.


At the time, Kindlon ran a local job recruitment firm and participated in the fraud by obtaining the illegal loans and cashing checks.