Wednesday, November 25, 2009

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.

Read the story here.

Read the DOJ announcement here.

Update (6/17/10): Chiu, now 61, was sentenced Wednesday to 18 months in prison for embezzling some $1 million in stock from Bel Fuse, Inc.

1 comment:

mikeamethyst said...

I sometimes ask myself why do criminals continue to commit crime knowing that law enforcement always catches up to them. I guess some people have to learn the hard way.