Sunday, April 10, 2011

California Woman On Trial For Embezzling $750K

Jennifer Joann Zito, 37, of Chatsworth, California is currently on trial in Ventura County Superior Court for allegedly embezzling more than $750,000 from Simi Valley Cycles Inc., where she had been employed as a bookkeeper. Prosecutors have charged her with 16 felony counts of embezzlement, grand theft, and filing false tax returns. She is alleged to have misappropriated the funds over a period of at least 5 years, from 2001 until 2006. Zito is believed to have spent the stolen funds to support a lavish lifestyle, including the purchase of luxury vehicles, such as Porsche, BMW, a pickup truck, as well as six horses valued at $100,000, a speed boat and a custom horse trailer. 

Read the story here.

Update (4/25/11): Zito was found guilty by a jury on 18 felony counts for embezzling more than $750,000 from Simi Valley Cycles. Specifically, the jury found Zito guilty on six counts of embezzlement, seven counts of grand theft, and five counts of filing false income tax returns. She was found not guilty on identity theft and forgery counts. Zito faces up to 18 years in prison.

Update (6/6/11): Zito has been sentenced to 18 years in state prison for what is now believed to be $850,000 worth in cash and vehicles from Simi Valley Cycles Inc.  Zito was also ordered to pay $1,473,483 in restitution and $186,464 to the California Franchise Tax Board for back taxes on the ill-gotten gains.

2 comments:

dui attorney moorpark said...

I think Zito needed a good criminal defense attorney simi valley. Appropriating funds from a corporate bank account for personal use are very serious charges that can carry some stiff penalties, 18 years is a long time.

Anonymous said...

Her attorney did a great job.Its just plain simple GUILTY is Guilty.