Concord, NH — David Herlicka, 51, of Amherst, was convicted on October 30 for his role in a fraudulent investment scheme that embezzled nearly $1 million to fund his now-closed business, White Birch Brewing, LLC.
According to court documents, in August 2014, Herlicka approached Gabriel and Roger Sylvestre, trustees of Parktown Trust, seeking a $500,000 loan to support the Nashua brewery. Over the following two months, Herlicka and his co-conspirator, Dennis Nordquist, 71, of Gilford, made multiple false financial claims about the brewery’s operations, eventually convincing the Sylvestres to increase the loan to $962,000.
Prosecutors said Herlicka failed to disclose that he already owed more than $814,000 to a former employer and had been fined $97,484 by the Financial Industry Regulatory Authority (FINRA).
Investigators later discovered that a substantial portion of the Parktown Trust funds was diverted for personal expenses, and that neither Herlicka nor Nordquist ever intended to repay the loan.
“This verdict is the result of a thorough investigation and a strong prosecution team,” said Attorney General John Formella. “Our efforts demonstrate our ongoing commitment to holding accountable those who engage in fraudulent and deceptive business practices.”
Herlicka was convicted of theft by deception, conspiracy to commit theft by deception, and securities fraud. He is scheduled for sentencing on December 10 and could face up to 60 years in prison, 10 years of probation, and more than $1 million in fines under state and federal law.
Dennis Nordquist, his co-conspirator, was convicted on similar charges and sentenced in July.
