Sunday, March 21, 2010

Former New Jersey Payroll Company Exec May Have Embezzled $1 Million

Jose M. Figueroa, 35, the former vice president of operations for First Priority Pay, a Hoboken, New Jersey-based payroll processing company, and Carlos Chorro, 34, a former sales director for the company, who were charged in January with embezzling nearly $600,000, are believed to have stolen at least $400,000 more, according to authorities investigation the case. Figueroa is believed to have siphoned off the funds between July and November last year by making transfers from escrow accounts that held money deposited by clients to pay taxes to accounts held by Figueroa, his wife Olefia B. Figueroa, and to Chorro. The three were named in a civil suit filed by First Priority Pay last December to recover the losses. The investigation is ongoing and the figure could go beyond the $1 million mark. Figueroa is believed to have taken the money to facilitate the opening of his own payroll business.

Read the story here and here.

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