Federal investigators are accusing two former executives of a Valley construction company of taking part in an alleged scheme to defraud that company out of hundreds of thousands of dollars.

Former B&B construction president Philip M. Beshara and former company treasurer Samuel J. DeCaria have been charged with wire fraud and conspiracy to commit wire fraud.

According to court documents signed by both men, each as agreed to submit to prosecution by forgoing the usual grand jury process.

A bill of information filed in U.S. District Court on Wednesday alleges that from March 2006 through September 2016, the two conspired to defraud the Youngstown-based B&B by diverting $1.6 million from the company bank account into Beshara’s personal account.

In addition, the men also had subcontractors submit inflated invoices for work they had performed for B&B, $350,000 of which was allegedly kicked back to Beshara.

As the person in charge of overseeing B&B’s accounting department, investigators say DeCaria knew about and allowed the allegedly fraudulent transactions.

In 2017 and 2018, B&B named Beshara among the defendants in civil lawsuits filed in Mahoning County Common Pleas court alleging multiple violations including theft, record tampering, and engaging in corrupt activity.

 B&B voluntarily dismissed the lawsuit in February 2020, according to court filings.

In July 2017, state agents seized three folders of evidence related to B&B during a search of Attorney Steven Garea’s Canfield office.

Included in the seized evidence was a paper showing a payment breakdown, and correspondence alleging fraud committed against B&B Contractors, which included earning statements, and construction contracts.

As of Thursday morning, no hearings had been scheduled for Beshara or DeCaria in federal court.

If convicted, each of the men could face more than a year in prison.