Monday, March 22, 2010

Connecticut Man To Be Sentenced In $2.5 Million Embezzlement Case

Steven DeCecco, 52, of Stratford, Connecticut, is scheduled to be sentenced tomorrow for embezzling more than $2.5 million from an unnamed local employer where he had served as controller. Our research suggests that the company in question is Expand International of America, Inc., an event and outdoor display manufacturing company. DeCecco was arrested last April and charged with conspiracy to commit wire fraud. According to prosecutors, DeCecco and an unnamed former female employee "directed numerous wire transfers to their own accounts and accounts for their benefit." DeCecco allegedly approved hundreds of transfers and his co-conspirator hid the thefts by reconciling the company's books and records. Authorities believe he used a large portion of the stolen funds to purchase 20 or more high-end classic cars. DeCecco was originally arrested and charged last April and he pleaded guilty last November to one count of conspiracy to commit wire fraud, three counts of wire fraud, and two counts of interstate transportation of stolen property. DeCecco faces up to 20 years in prison, plus a fine of up to $5 million and restitution.

Read the story here and here.

Read the DOJ announcement of DeCecco's arrest here.

Read the DOJ announcement of DeCecco's guilty plea here.

Update (3/23/10): DeCecco was sentenced today to 96 months in prison, followed by three years of supervised release, plus full restitution. DeCecco and his former colleague and co-conspirator, identified as Jaime Hoff, caused hundreds of unauthorized wire transfers from Expand International's accounts to their own accounts and third parties.

Update (4/30/10): Jaime Hoff, 30, of Watertown, Connecticut, was sentenced to 33 months in prison for her role in this embezzlement scheme. She has also been ordered to pay $2,098,050 in restitution to Expand International of America.

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