Tuesday, December 29, 2009

New Jersey Man Arrested In $730K New York Embezzlement Case

Richard Tedeschi, 51, of Morris Plains, New Jersey, was arrested recently for allegedly embezzling more than $730,000 from an unnamed New York City-based investment firm where he had been employed as Controller. According to authorities, Tedeschi allegedly stole money from his firm for seven years, falsely claiming his personal expenses were corporate expenses and forging signatures on corporate checks. Tedeschi was charged with one count each of mail fraud and aggravated identity theft. He faces up to 22 years in prison if convicted on both counts. Independent research suggests that the victim company is Cain Brothers, where Tedeschi has been employed since 1996.

Read the story here and here.

Read the DOJ announcement here.

Update (3/23/10): Tedeschi pleaded guilty to mail fraud, admitting he embezzled $734,000 from an unnamed New York City-based investment firm. Sentencing is scheduled for June 21, 2010.

Update (9/25/10): Tedeschi was sentenced to nearly 2 1/2 years in prison and ordered to pay $521,000 in restitution still owed.

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