Paulette Reed, 44, of Lackawana, New York, pleaded guilty yesterday to embezzling a total of $556,765 from Lippes Mathias Wexler Friedman LLP of Buffalo and Simpson and Simpson of Williamsville, where she had been employed as a bookkeeper and administrator. Prosecutors allege that over a period of about six years, Reed misappropriated $282,356.95 from the Lippes firm from May 2003 through February 2008 and then $274,408.26 from the Simpson firm from July 2008 through July 2009. Reed reportedly used the stolen funds to pay household bills and finance her daughters’ college educations. Reed's alleged thefts were accomplished by unauthorized use of company checks, wire transfers and bank checks. Specifically, Reed pleaded guilty to two second-degree grand larceny counts. She faces up to 15 years in prison upon sentencing which is scheduled for May 24th. She must also pay restitution.
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