Printing Exec Pleads Guilty to Larceny

NEW YORK—The head of a Long Island City printing company has pleaded guilty to grand larceny for defrauding two investors out of $145,000, the New York Post reported. Peter Saad, owner of Project 912, agreed to repay the money in exchange for a likely sentence of five years' probation.

Saad made several false statements to two acquaintances in order to entice them into investing in Project 912. He told the victims that the money would be used to purchase a printing machine that would increase the company's capacity, the Post said. Saad told the investors, among other things, that he had millions of dollars in London to insure the investment. But Saad did not use the money for printing equipment, the company became insolvent and the investors asked for their money back.