Embezzlement charges for alleged defrauding of employer

On Behalf of | Sep 7, 2019 | Embezzlement, Firm News

People who work for companies and hold positions of some authority may often be in positions where they may be purchasing decisions for the business. This means they may approve the payment of money to other partners, vendors or suppliers. One man in New York is today facing accusations that he embezzled money from his employer in a scheme that was made to appear as though the company was paying a vendor.

As explained by the Suffolk Daily Voice, the man was a senior manager at a company but it is not known just what department he was a manager in. The company is said to be a global internet business. For nearly four years, from August of 2015 until May of 2019, the man’s company made payments to another business. These payments were for the receipt of information technology services and products.

Over the course of these months, the company paid in excess of $4.5 million to the vendor. A report suggests that the vendor was essentially made up and never actually existed. Money paid to that fabricated company was allegedly moved into the personal bank account of the senior manager.

The man has been officially charged with transacting in criminally derived proceeds and wire fraud. Together, the charges could result in a prison sentence of up to 20 years if the defendant is found guilty. No details have been released about how the man is pleading in the matter or if some form of a plea agreement could possibly be reached before the matter goes to trial.