A former administrator of the school of professional services at the City University of New York has been charged with allegedly embezzling an undisclosed amount from the university while he was employed there. The 43-year-old man was taken into custody in Los Angeles on April 7.
A New York town councilman was taken into custody on March 31 and charged with tax evasion, wire fraud, failing to file a return or pay tax and making and subscribing to false corporate tax returns. Allegedly the man owes $250,000 in taxes and diverted $800,000 of an employer's revenue.
On March 28, a New York woman pleaded guilty to embezzling $4.1 million from her employer. Officials from the Erie County District Attorney's Office said it is one of the largest individual embezzlement cases prosecutors can recall handling.
Two New York City businessmen were indicted on March 7 for allegedly running a Ponzi scheme that involved purported investments in Broadway show and concert tickets. The Securities and Exchange Commission alleged that the two men took in $97 million through the scheme from 138 investors from 17 states.
On Feb. 15, New York officials announced the arrest of four individuals accused of defrauding the Build It Back program, an initiative designed to help property owners rebuild after Hurricane Sandy. The alleged schemes resulted in the theft of $300,000 in disaster relief funds and the attempted theft of $1 million in property.
New York residents may have heard about Bernie Madoff and his Ponzi scheme. In a Ponzi scheme, funds from new investors are used to pay off previous investors. This type of investment fraud usually collapses when there is no new money coming in. One of the signs of such a scheme is that the investment has relatively little risk and a high rate of return. In most cases, only high-risk investments offer high rates of return.
A former executive of an energy company entered a guilty plea to diverting $18.5 million in profits to a foreign company in order to evade New York state taxes. The agreement was entered into on Jan. 4 in New York Supreme Court.
In New York, there are a variety of different types of white collar crimes that fall under the umbrella of securities and commodities fraud. A person who is convicted of committing one of these crimes might face prison and substantial fines.
Simply stated, embezzlement is the theft of assets by a person who is in a position of trust or responsibility over those assets. Most often, embezzlement cases involve the workplace or the corporate world, which is why it is considered a white collar crime.
The former CEO of AIG, Maurice Greenberg, testified in his fraud trial in a New York City courthouse on Sept. 29. It was Greenberg's second day of testimony in his defense.