Former Harris Bank vp charged with embezzling $14 Million

A former assistant vice president for Harris Bank in Chicago has been charged with embezzling $14 million from the institution over six years. The money was used to buy property in Chicago and Florida.

See the full story here.

Former Wachovia Bank vice president sentenced in $640,000 embezzlement

Francis Myers, a former bank vice president at Wachovia Bank, was recently sentenced to three to six years in prison after pleading guilty to embezzling more than $640,000 from the accounts of four elderly customers.

Prosecutors said Myers made more than 200 unauthorized transfers and withdrawals from 18 accounts owned by the four customers between April 2001 and August of last year.  The money was used to pay for weddings, college tuition, and a Michigan vacation home, and to finance a failing Philadelphia business and a loan for a mobile home.

See full story here.

Former Housing Authority manager admits embezzling $111,083

The former accounting manager at the Hoboken Housing Authority, Eric Hurt, pleaded guilty Wednesday to embezzling $111,083 from the agency by writing checks to himself, federal prosecutors said. The defendant admitted he wrote 34 such checks from August 2001 to February 2004, and concealed the theft by falsely reporting that the checks were to various vendors.

See full story here on Newsday.com.

The White Collar Crime Prof Blog has chimed in with a tongue-in-cheek post that observes that the Hurt case makes "[e]mbezzlement . . . sometimes [seem] as easy as opening up a can of beer on a hot summer day." It argues the embezzlement here clearly resulted from a total failure of internal controls.

former consultant to the Roman Catholic Archdiocese of New York admits to embezzlement scheme

Joseph DeRusso, of Florham Park, New York, a former consultant to the Roman Catholic Archdiocese of New York recently admitted in federal court that he participated in a plot to divert $1 million in funds meant for food programs for parochial school children. DeRusso also pleaded guilty to taking more than $1.2 million in kickbacks from vendors doing business with the church. Under the terms of a plea agreement, he is likely to spend up to six years in prison after his sentencing in November.

See further details here.

Former Wal-Mart Executive Sentenced to Home Confinement for Embezzlement

We reported in a post in January that former Wal-Mart vice chairman Thomas M. Coughlin had agreed to plead guilty to five counts of wire fraud and one count of tax evasion in connection with his use of company money to pay for personal expenses. 

The White Collar Crime Prof Blog reported in a post last week that Coughlin was sentenced to a 27-month term of home confinement. According to the blog, although the Sentencing Guidelines called for a prison term of over two years, and prosecutors recommended six to twelve months in prison, U.S. District Judge Robert Dawson accepted the testimony from Coughlin's doctor that various illnesses made him too fragile to serve a prison term because he was "57 going on 87." 

See further details about the sentencing in a Reuters news release here.

Former Company Owner Pleads Guilty to Embezzlement

The former owner of a now bankrupt Tulsa company is pleading guilty to charges of embezzling more than $24,000 that was intended for his employees' 401-k plan.

See full story here.

Los Angeles Attorney Arrested For Alleged Embezzlement

An attorney accused of embezzling more than $300,000 from a half-dozen clients, including a woman with breast cancer, was arrested Tuesday on a felony warrant, prosecutors said.  The charges stem from Wolf allegedly depositing settlement checks from personal injury, workers' compensation and wrongful termination lawsuits into his clients' trust accounts, then embezzling from those accounts.

See full story here.

Former Bank Teller Sentenced In Embezzlement Case

A Baltimore-area woman was sentenced to two years in prison after pleading guilty in November to the embezzlement of about $250,000 from a Wachovia bank

See the full story here.

Massachusetts Man Gets 2 Years for Embezzlement

It was reported last week that a Massachusetts man who stole $100,000 from the Greylock Electric Company over a four-year period will receive a two and a-half year jail sentence after pleading guilty. The company is owned by the defendant's parents.  See full story here.

Iowa Woman Sentenced to 3 Years for Embezzling $637,000

An Iowa woman charged with federal health care fraud was sentenced to more than three years in prison for embezzling more than $637,000 from non-profit Systems Unlimited where she worked as the financial manager. According to the grand jury indictment, the woman issued checks on System Unlimited’s business account to cover her credit card bills between 1994 and April 2003. She also wrote checks to different people and fictional organizations.

See the full story here.

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