On Dec. 19, the owner of a book printing business in New York was arraigned on charges of embezzlement and wire fraud. The 63-year-old man was handed 10 wire fraud counts for allegedly submitting falsified invoices. In addition, he was charged with one count of embezzlement for allegedly keeping employee contributions that were supposed to be paid to a company health benefit plan.
The indictment alleges that the owner of Integrated Book Technology, Inc./Hamilton Printing used fake invoices as well as forged shipping records to solicit over $400,000 from a commercial finance company in New Jersey. According to prosecutors, the man falsely claimed that he was expecting payment for books that had not actually been sold or shipped.
If the man is convicted of the charges, he could face a maximum 20-year prison sentence as well as supervised release for a period of three years. The man could also be ordered to either pay a fine upwards of $250,000, the financial loss to victims, or twice his pecuniary gain, whichever of these amounts is found to be greater. The man’s business had been shut down by the time the arraignment was announced.
A person who has been charged with these types of crimes may be able to prove that he or she did not knowingly engage in fraud or embezzlement. A lawyer may assist a person in this situation by sorting through his or her financial records and gather evidence to prove that any business mistakes were not made on purpose for personal financial gain. In some cases, an attorney will hire a forensic accountant to help build a strong defense for an embezzlement case.
Source: The Record, “ Troy man arraigned on wire fraud, embezzlement charges,” Dec. 20, 2019