Former accountant sentenced to 14 years for $10.8 million embezzlement

A former accountant, Denis Shusterman, accused of embezzling $10.8 million from a businessman to bankroll a lavish lifestyle was sentenced to 14 years in prison. The money was primarily stolen from Kimber Manufacturing, a Yonkers, N.Y., firearms company at which Shusterman worked as the chief financial officer.

See the full story here.

Comerica Bank Manager Pleads Guilty to Embezzlement

The U.S. Attorney for the Eastern District of Michigan announced recently that a Comerica assistant bank manager has plead guilty to embezzling over $360,000 from bank accounts belonging to his elderly and deceased clients. The manager stole the money by closing or depleting CD and IRA accounts belonging to the victims, without their knowledge, and then depositing the funds into his personal account. The manager then attempted to conceal his fraud by forging withdrawal slips and destroying bank surveillance tapes.

See the full release here (PDF)

Former University President Charged With Misuse of School's Funds Blocked From Teaching Accounting

The White Collar Crime Prof blog posted earlier this week about the interesting case of former Texas Southern University president Priscilla Slade who faces criminal charges against her arising from alleged misuse of University funds for her personal expenses.  Slade was fired as president earlier in 2006 because of the alleged financial improprieties, but retained her tenured position as a professor of accounting and was scheduled to teach courses this term.  The resulting uproar led the acting president to block Slade from teaching the courses, and to place her on paid leave while a committee reviews whether to strip her of tenure and remove her from the faculty.

U.S. Attorney to Appeal Sentence of Former WalMart Exec Tom Coughlin

In the ongoing saga of Walmart executive Tom Coughlin, we only recently reported that Couglin was sentenced to home confinement after pleading guilty to charges that he defrauded the company by submitting fake invoices. 

The latest update, reported yesterday by the White Collar Crime Prof (WCCP) blog (see here), is an announcement by the U.S. Attorney's Office for the Western District of Arkansas that it will appeal the sentence.  According to the WCCP blog, while the Federal Sentencing Guidelines called for a sentence in the 24-30 month range, U.S. District Judge Robert Dawson sentenced Coughlin to 27 months of home confinement based on his findings that Coughlin's serious health issues warranted home confinement, and that his charitable works and the effect of his guilty plea on his standing in the community, among other things, were sufficient punishment and that a prison term was not necessary to fulfill the goals of sentencing.

U.S Attorney in Wisconsin Announces Embezzlement Indictments

The U.S. Attorney for the Eastern District of Wisconsin recently announced 4 indictments arising from embezzlement at Milwaukee-area banks, including a former employee at M&I Trust Company in Milwaukee, charged with stealing $31, 985 from a customer 401(k) account; a former bank teller, accused of embezzling $16,900 from M&I Bank through false account entries; a former supervisor at Metavante Corporation, a subsidiary of M&I Bank, charged with wrongfully obtaining $27,675 by stealing checks intended for a clearing system at Metavante; and a former bank teller at TCF Bank in Milwaukee, accused of embezzling $22,972 through fraudulent ledger entries.

See the full release here (PDF).

Teller Pleads Guilty to Embezzling Coins

Linda Fossum, a former head vault teller at a Wisconsin branch of U.S. Bank, pleaded guilty recently to embezzling about $40,000 in coins over seven years.

See the full story here.

Former Staples executive charged with embezzlement

A former Staples vice president has been charged with embezzling more than $550,00 from the company in connection with the submission of fraudulent invoices and improper use of corporate American Express cards to charge personal expenses.

See the full story here.

Embezzler Free on Bail Posted by His Wife and...Mistress

The Wall Street Journal Law blog had an amusing post today about Yoshio Yamaki, a Japanese businessman who has been charged with embezzling more than $7 million from camera company Sigma USA.  Yamaki walked out of the federal courthouse in Brooklyn after two women - who identified themselves to the judge as Yamaki's wife and mistress, respectively - posted a $350,000 bond.  The judge's reaction: "Mr. Yamaki, I just want to say you’re an incredibly lucky man."

Yonkers bookkeeper pleads guilty to embezzlement

Wayne Diecchio, a bookkeeper from Yonkers pleaded guilty recently to embezzling more than $76,000 over a 5 1/2-year period from a temporary employment agency.  Diecchio stole the money by making numerous unauthorized ATM withdrawals, writing unearned petty cash and payroll checks to himself, and paying his personal credit card debts through electronic transfers from company funds. According to a statement from the District Attorney, Diecchio's thefts caused the company to go out of business.

See the full story here.

Former Connecticut Attorney Sentenced for Embezzling $2 Million From Clients

The Office of the Chief State's Attorney in Connecticut announced recently that former New Haven attorney John Peck was sentenced to 14 years incarceration, execution suspended after seven years served, and five years probation for embezzling more than $2 million from his former clients. Peck was also ordered to make full restitution to four elderly clients from whom he misappropriated funds in connection with real estate transactions, estate planning and litigation settlements.
See the full release here.
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