NORTH ANDOVER — Barry and Gail Sheldon say that while they have been forced to the brink of financial ruin, the man who is accused of defrauding them out of $1.3 million has "been walking around town like nothing happened."
In January, the Sheldons, owners of BS Sales Inc., a North Andover-based food brokerage firm, said they learned one of their best friends had defrauded them in a business deal.
Since then, a bank has forced them out of business, they have lost a cottage they bought and rebuilt in New Hampshire, and they have had to file for bankruptcy with hope of keeping their North Andover home, they said.
"The bank has basically put us out of business," Barry Sheldon said. "I don't know what we are doing, just trying to get through this trial and the holidays."
The business deal began in 2007 and involved the Sheldons and Craig Bogosian, 57, of 47 Penni Lane. According to court records, Bogosian owned Sports Look Inc., a promotional marketing firm that sells promotional items such as shirts, pens and hats to companies bearing the company's logo.
He allegedly approached the Sheldons because he wanted to sell to bigger customers and needed more money to do so. The Sheldons would wire Bogosian money every time he landed a new client and in exchange Bogosian was supposed to pay the Sheldons back their investment plus half the profits.
An accountant for the Sheldons told them in November 2008 that Bogosian owed their business $1,288,893 for the wire transfers they made.
When they had no luck recovering their money the Sheldons went to police, and in March, Bogosian was charged with larceny over $250 by a single scheme.
The Sheldons and Bogosian and his wife were the best of friends for 10 years, active in local youth sports and social circles, Barry Sheldon said.
"He's been walking around town like nothing happened," Sheldon said of Bogosian.
They said Bogosian never apologized to them or expressed any remorse for taking advantage of their friendship.
"We went to visit him at his home in January, and he was crying and told us he would not talk to us on the advice of his lawyer," Sheldon said.
The Sheldons said they recently prevailed in a civil proceeding against Bogosian, who was ordered to pay them the $1.3 million plus interest.
But Bogosian never showed up for the civil case, they said.
The Sheldons said if Bogosian could provide complete restitution, they would call off the criminal proceedings, but that no one seems to know what Bogosian did with the money.
"We need justice," Gail Sheldon said.
"I had a good business going. I worked hard for 13 years in the business, and provided for my family," Barry Sheldon said. "I am hoping we can put this behind us and move forward and get back on our feet."
Bogosian's lawyer Brian Burke said this was a terrible situation for all of the parties involved.
"My client is very remorseful and sad for all of the parties involved," Burke said. "He is devastated and feels terrible about what happened. He wishes he could turn back the clock."
He declined further comment.
Bogosian was indicted last summer by an Essex County grand jury, and Bogosian is due back in Salem Superior Court tomorrow for a lobby conference. A spokeswoman for the district attorney's office said no movement in the case was anticipated.
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