Monday, October 27, 2014

New Jersey Man Jailed On Charges He Embezzled $259K From Engineering Firm

From the South Jersey Local News on 10/23/2014:

A Medford resident, who is a professional engineer, was recently sentenced to five years in prison for embezzling approximately $259,000 from a Red Bank engineering firm, according to the Monmouth County Prosecutor’s Office.

Eugene E. Brandt, 49, of Normandy Court in the Sherwood Forest development, was arrested on Nov. 14, 2013, and pleaded guilty in July 2014 to second-degree felony charges for stealing from Engineered Design Works Inc., according to Charles Webster, spokesman for the Monmouth County Prosecutor’s Office.

Neil Friese, one of the owners of Engineered Design Works, said that Brandt, a co-owner, left the company in 2009 after incidents of theft were uncovered.

Friese said that Brandt committed more than 30 acts of theft over a five-year period.

Friese said Brandt issued himself checks and cashed them and then concealed the thefts by manipulating accounting records.

The prosecutor’s office said that Brandt was sentenced and incarcerated on Oct. 3, 2014.

Friese said that Brandt paid back approximately $51,000 to the company and, as part of a plea agreement, executed a “civil consent judgment,” agreeing to repay the balance of approximately $208,000.

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