Ex-CEO stole $5 million from prominent NYC charity


The politically connected former CEO of a prominent New York City charity has admitted he helped steal $5 million in an insurance scheme that authorities linked to campaign contributions.

William Rapfogel pleaded guilty Wednesday to grand larceny, money laundering and other charges.

William Rapfogel, center, in front of the United Nations to protest Iranian President Mahmoud Ahmadinejad’s visit, Tuesday, Sept. 21, 2010 in New York.

He admitted he stole more than $1 million from the Metropolitan Council on Jewish Poverty, which he led from 1992 until his August firing.

Authorities say Rapfogel and several conspirators inflated the price of the organization's insurance so they could pocket the overcharge.

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Authorities say they split more than $5 million over 20 years.

Rapfogel has already turned over nearly $1.5 million. If he pays more than $3 million in restitution, he'll be sentenced to 3 1/3 years to 10 years in state prison.