Wednesday, March 3, 2010

Former CFO Of New York Charity Admits Embezzling $324K

Raymond Smyth, 44, of Buffalo, New York, pleaded guilty yesterday to charges he embezzled $324,388 from the St. Vincent DePaul Society where he had been employed as chief financial officer. Prosecutors alleged that Smyth, who had been employed at the charity for 19 years, misappropriated the funds over a seven year period from July 2002 until August 2009. Specifically, Smyth pleaded guilty to one count of grand larceny. St. Vincent DePaul Society is a non-profit arm of the Catholic Diocese of Buffalo, which operates a soup kitchen and clothing store in the city. His thefts were reportedly spurred by an infatuation with an exotic dancer, for whom he purchased jewelry and items from Victoria Secret. Smyth faces up to 15 years in prison upon sentencing.

Read the story here, here and here.

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