California Woman Charged With Embezzling $250K

Sivalatha "Siva" Sadasivam, 40, of Tracy, California has been charged with embezzling some $250,000 worth in gift cards from Lodi-based property management firm, RPM Company. Sadasivam, who was in charge of purchasing gift cards from Safeway Stores for prospective clients, instead kept many for herself. She would then exchange cards for other retail outlets such as Best Buy and Nordstroms and used them to purchase personal luxury items for herself and her husband. The scheme dates back about five years to at least 2004. She has been charged with two felony counts each of embezzlement and grand theft. Sadasivam holds dual citizenship in the US and Malaysia.

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Update: Fmr. Congressman Shays Campaign Manager Arrested For Embezzlement

Michael I. Sohn, 34, of Fairfield, Connecticut and the former aide to former congressman Christopher Shays, was arrested this morning after a 12-count indictment was handed down charging him with embezzling more than $250,000 in campaign funds. According to prosecutors, Sohn made unauthorized ATM withdrawals from campaign accounts among other misappropriations and spent the money on luxury items.

Read FraudTalk's earlier posts on this story here and here.

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Longtime Texas Bookkeeper Sentenced In $1 Million Embezzlement Case

Mary Henke Geiger, 69, of Salado, Texas, was sentenced to one year in prison for embezzling some $1 million from Austin Apartment Washer Service where she had been employed as a bookkeeper since the 1970s. Her sentencing follows Geiger's guilty plea to one count of bank fraud. With her guilty plea, Geiger admitted that from 1998 to mid-2006 she stole from the company by writing unauthorized checks to herself, relatives and others associates.

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Update: Petters Found Guilty On All Counts in $3.65 Million Ponzi Scheme Case

Former Minnesota businessman Thomas "Tom" J. Petters, 52, of Wayzata, Minnesota, was found guilty yesterday by a federal jury on all 20 felony counts that he ran a $3.5 billion Ponzi scheme defrauding investors since the mid-1990's. The 20 guilty counts included wire fraud, mail fraud, money laundering and conspiracy. Petters was originally arrested in October 2008 and formally indicted in December - a year ago. The guilty verdicts followed a 17 day trial in federal court in Minneapolis, Minnesota. The fraud and conspiracy case involved Minnetonka-based Petters Group Worldwide, his primary holding company, and Petters Company Inc., the investment arm of the group. Several other executives of the company, including Deanna Coleman, Robert White, Michael Catain and Larry Reynolds, who have all previously pleaded guilty in the case. Coleman was reportedly the primary whistle blower in the case which involved a scheme to solicit cash from hedge funds, money managers and other investors to buy consumer electronics for resale to retailers such as Costco and Sam's Club. The big returns never materialized as promised as no significant transactions ever occurred.

Read FraudTalk's earlier posts on this story here, here , here and here.

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Former Massachusetts Bank Exec Arrested For Allegedly Misappropriating $179K

Kathleen Morris, 34, of Truro, Massachusetts, has been arrested on charges she misappropriated some $179,000 from Seamen's Bank, where she had been employed as vice president of commercial lending. Morris allegedly obtained fraudulent loans from the bank by submitting false credit information in the names of seven friends and family members between August 2007 and April 2009. According to prosecutors, none of the friends or relatives were involved in the scam. Morris plead not guilty to the 47 criminal charges, which include 15 counts each of forgery of a promissory note, uttering false writing and obtaining credit over $250 by a false financial statement as well as charges of larceny over $250 by a single scheme and embezzlement from a bank. Morris, who reportedly submitted 15 fraudulent loan packages, was fired last April.

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Virginia Man Faces Grand Jury In Alleged 666K Embezzlement Case

Michael D. Comer, 45, of Milton Village, Virginia, will face a grand jury on five embezzlement counts after disappearing last July 1 - on the day of an audit of the Glenmore Community Association which revealed a loss of some $666,000 he allegedly misappropriated. Comer, who had served as the Association's treasurer since 1994, was arrested on July 27th. Comer was also the president of the Glenmore Country Club. Both organizations are owned by his in-laws, according to reports. Each of the five counts carries a sentence of 20 years, if convicted.

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Update: Former New York Bookkeeper Sentenced In Quarter Million Embezzlement Case

Dorothy A. Horvath, 51, of Campbell Hall, New York, was sentenced to 3 to 6 years in prison for embezzling nearly a quarter million dollars from Chambers Tractor Sales in Montgomery, New York, where she had been employed as a bookkeeper. The loss estimate is greater than originally believed. Horvath must to repay $241,279 in restitution as part of the sentencing. Horvath was indicted last May on 38 felony counts, including one count of second-degree grand larceny, 18 counts of third-degree grand larceny and 19 counts of fourth-degree grand larceny. According to the indictment, the thefts took place between September 1, 2006 and October 31, 2008. According to reports, Horvath's primary means of embezzlement was to simply take company cash receipts from the bank deposit bag before depositing it. Horvath plead guilty last June.

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Update: California Couple Must Pay Restitution In Sausage Company Embezzlement Case

Perrin Vidal Clark, 30, and Rachel Jane Clark of Sacramento, California will have to pay at least $189,000 in restitution to Vance Sharp, owner of the Sonoma Sausage Company, where they had been employed for embezzling an estimated $117,000 in cash and property. Rachel Clark was an office manager for Sonoma Sausage from March 2007 to January 2008 and Perrin Clark was employed as a sales manager for part of that time. According to Sharp, the Clarks were involved in misusing corporate credit cards as well as stole company property, including a computer. Perrin and Rachel Clark plead guilty last June to one count of grand theft by embezzlement; 26 counts of forgery, two counts of receiving stolen property; one count of burglary; and two special allegations of stealing more than $65,000 and $100,000, respectively.

Read FraudTalk's original post on this story here.

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Former Oregon Bookkeeper Accused Of Embezzling $1.5 Million From Now-Defunct Print Shop

Victoria Marie Monfore, 48, of Springfield, Oregon, has been charged with embezzling some $1.5 million from IP/Koke Printing where she had been employed for 16 years as an accounts payable clerk. Monfore has been charged with 58 felony counts of aggravated first-degree theft, 18 counts of aggravated identity theft and a 12 counts of first-degree theft. The company shut down last December as a result, according to former owner and CEO, Jason Pierce. Monfore's embezzlement scheme lasted from August 2003 until June 2009 whereby she allegedly forged company checks and made them payable to herself. After the business closed down, resulting in 74 people losing their jobs, Monfore continued to work for other family businesses until she was fired in June.

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Update: Former Pennsylvania Fund Manager Gets 15 Years In $35 Million Ponzi Scheme Case

Joseph S. Forte, 53, of Broomall, Pennsylvania and a former Philadelphia-based fund manager, has been sentenced to 15 years in prison for operating a Ponzi-type investment fraud scheme that bilked investors out of some $35 million. According to the original SEC complaint, Forte's scheme - luring investors in fraudulent futures contracts via his investment vehicle, Joseph Forte, L.P. , started in about 1995. Forte allegedly promised investors returns ranging from 18 to 38 percent per year with little or no risk. In all, he took in a reported $80 million. He donated to charities and funded private schools his kids attended. Forte also bought a beach house in New Jersey and by some accounts, lived a lavish lifestyle. Forte pleaded guilty last June to felony charges that included wire fraud, mail fraud, bank fraud and money laundering.

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Happy Thanksgiving

Have a happy & safe Thanksgiving everyone.

P.S. Turkeys are for eating, not hiring...

Former New Jersey Accountant Pleads Guilty To Embezzling More Than $1 Million

Daniel Chungyin Chiu, 60, of Rockaway Township, New Jersey, pleaded guilty to charges he embezzled approximately $1 million worth in cash and stock from Jersey City-based Bel Fuse Inc., a telecommunications manufacturing firm where he had been employed as an accountant. According to prosecutors, from December 2001 until his termination on April 21, 2009, Chiu devised numerous ways of improperly transferring tens of thousands of shares of stock to himself, and inflating his contributions to the company’s 401(k) and profit-sharing plans, prompting the company to contribute substantial matching monies and shares of stock to Chiu’s personal 401(k) plan. Prosecutors say he has cooperated with the investigation and he pleaded guilty to wire fraud. He faces up to 33 months in prison under the terms of his plea agreement. He is free on $500,000 bond and is due for sentencing February 18, 2010.

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Read the DOJ announcement here.

Colorado Woman Accused Of Embezzling $350+K From Clinic

Stacy Hall, 41, of Greeley, Colorado, has been accused of embezzling more than $350,000 from the Women's Clinic of Greeley, where she had been employed as the clinic manager since 2004. Hall allegedly wrote checks from the clinic to herself, her husband and to a fictitious business and then either cashed or deposited the checks into her own accounts. All told, a total of 559 fraudulent checks were written by Hall, totaling $354,799.34, according to investigators. She has been sued in civil court by the clinic in an effort to recover the stolen funds.

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Former Bookkeeper Of Andy Williams Accused Of Embezzling $680K From Entertainer

Dawn Kinney Cleveringa, 54, of Kirbyville, Missouri, has been accused of embezzling more than $680,000 from entertainer Andy Williams' Moon River Theater, with whom she had been employed as a bookkeeper. According to investigators, since 2006, Cleveringa wrote checks to herself and forged signatures from company accounts. Cleveringa, who had been employed by Williams for some 14 years, has been charged with one count of stealing and one count of forgery. She was fired last April when bookkeeping discrepancies came to light.

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Update: Former Texas Bank Exec Sentenced In $260K Embezzlement Case

Tracy Eugene Culp, 45, of Texarkana, Texas, was sentenced to 19 months in prison for embezzling $260,381.89 from Cass County Bank in Queen City, Texas, where he had been employed as a vice president and branch manager. Culp, who pleaded guilty to the charges last June, admitted he stole the money over a two year period between October 2005 and June 2007. According to prosecutors, Culp's scheme involved creating fraudulent loans and funnelling the money into his own personal accounts. Culp was also ordered to pay full restitution.

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Arizona Office Manager Accused In $250K Embezzlement Case

Cathryn Jane Davis of Kingman, Arizona is accused of embezzling approximately $250,000 from city councilman Kerry Deering's rehabilitation center where she worked as office manager and bookkeeper. Davis was arrested November 11th and faces charges of fraudulent schemes and artifices, forgery and felony theft. Davis had been employed by Deering for 3 1/2 years. The case is ongoing.

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