Friday, July 24, 2009

Update: Massachusetts Investment Exec Sentenced For Embezzling Nearly $400K

Mark J. Harrington, 53, of West Roxbury, Massachusetts and the former controller of Boston-based Anchor Capital Advisors, was sentenced to 2 years in prison for embezzling $387,000 from the firm's employee pension plan. Harrington, who was vice president and controller of the firm, was also ordered to pay $350,000 in restitution. According to prosecutors, Harrington, who was married, used the money to buy a house, a luxury SUV, breast implants and jewelry for his girlfriend. The embezzlement was accomplished with an accomplice, Carmine P. Arenella, wherein Harrington transferred funds over a six month period between July 2008 and December 2008. He was fired last January and indicted in February this year.

Read FraudTalk's earlier post on this story here.

Read the story here and here.

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