A New York man is facing charges that he embezzled $3.5 million from a real estate firm where he was chief financial officer. Allegedly, the theft began in December 2015.
The government began investigating when the company the man worked for complained about his spending in the first eight months of 2018. During that time, he put unauthorized expenses of around $145,000 on a company credit card. The assistant director-in-charge of the Federal Bureau of Investigation of the New York Field Office and the attorney for the Eastern District of New York accused him of using the money he embezzled to fund extravagant spending.
Authorities said he spent the money on luxury items, an apartment in Manhattan and another home. He reportedly embezzled the money by making fraudulent transfers from the company where he was CFP to an entity he owned. However, his attorney said that they were merely allegations and that they would be addressed in court.
Some people might assume that white collar crimes will not carry penalties as severe as other types of crimes, but this is not the case. If a person is investigated in connection with a white collar crime, that person might want to consult an attorney, even if authorities merely want to question the person. A person who is charged with white collar crimes might want to consider a plea bargain. This would allow the person to plead guilty, usually to lesser charges and in exchange for a lighter sentence. However, the person may also want to plead not guilty and go to trial. In this case, the person’s attorney may help develop a strategy for a defense to be used in court.
Source: Long Island Business News, “Former real estate firm’s CFO charged with $3.5M embezzlement,” Adina Genn, 9/7/2018