Wall Man Charged With Theft Of $1.5M From Partner: Prosecutor

WALL, NJ – A 54-year-old Wall Township man was arrested and charged with cheating his former business partner out of roughly $1.57 million, according to Acting Monmouth County Prosecutor Lori Linskey on Monday.

Anthony Steward was charged with second-degree Misconduct by a Corporate Official and second-degree Theft by Deception, which, if convicted, could mean a five-to-10-year prison sentence.

Steward’s arrest resulted from an investigation by the Prosecutor’s Office that started in May, when the victim reported the theft, which took place in three separate incidents occurring from Oct. 2019 through July 2021.

Steward would convince the victim to make payments totaling hundreds of thousands of dollars in loans and investments, through which he would purportedly purchase or renovate properties in New York and New Jersey, according to the investigation. The investigation also states that Steward would allegedly tell the victim that the funds were being used on one investment project, only to steer part of the cash toward another, without the victim’s knowledge or agreement.

Steward also allegedly used some of the stolen funds to pay personal credit card bills. According to the investigation, Steward convinced the victim to invest $280,000 into purchasing a property even though the rightful owner had never agreed to sell.

Steward turned himself in to authorities without incident on Friday and was released on a summons.