Meter Runs Out for Ex-Parking Authority Chief

While the Toms River contractor who admitted stealing $600,000 from Hoboken parking meters awaits his April 20 sentencing, the former official of that city who facilitated it was given seven years in prison today.

John Corea, 48, of Hoboken, pleaded guilty to official misconduct last December. He'll be eligibile for parole after completing three years of his term. He's required to repay $300,000 to the City of Hoboken and is permanently barred from public employment in New Jersey.

Corea admitted steering three no-bid contracts for parking meter coin collection and management to United Textile Fabricators and its owner, Brian A. Petaccio, 52, of Toms River. The company's main business is the manufacture of coin-operated arcade games.

In September 2009, Petaccio admitted keeping more than $1,100,000 his company collected between June 2005 and April 2008. The deception was uncovered by a 2007 audit, after which Petaccio repaid the agency about $575,000. However, he also admitted keeping $600,000 never reported to the city.

Corea confessed to lying to the Hoboken City Council about United Textile's qualifications, and to doing nothing when he became suspicious of theft from the city's parking revenues.

Petraccio also faces up to seven years behind bars and pay $300,000 restitution to the city.