Man Pleads Guilty to Embezzling Over $19 Million from IT Company

[nitpicker]

https://www.justice.gov/usao-edva/pr/man-pleads-guilty-embezzling-over-19-million-it-company

Department of Justice
U.S. Attorney’s Office
Eastern District of Virginia

FOR IMMEDIATE RELEASE
Friday, June 9, 2017

Man Pleads Guilty to Embezzling Over $19 Million from IT Company

ALEXANDRIA, Va. – A Nokesville man pleaded guilty today to embezzling approximately $19.3 million from his employer, an information technology company headquartered in Reston. According to the statement of facts filed with the plea agreement, Jon Frank, 48, worked at the company as the controller. From 2007 until January 2017, he used his position to initiate transfers of approximately $19.3 million from the company’s bank account to his personal accounts. He created false documents to make it appear that the money was being sent as reimbursement to another company that was administering the health insurance plan for Frank’s employer. Relying upon his knowledge and the altered documents, he was able to mislead the individuals performing audits of the company’s financial records. Frank spent the money on expensive automobiles and real estate, among other things.

Frank pleaded guilty to wire fraud, and faces a maximum penalty of 30 years in prison when sentenced on September 8. Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge will determine any sentence after taking into account the U.S. Sentencing Guidelines and other statutory factors.
(snip)

[TexasTowelie]

1. The man got greedy.

If he had kept it down to a six or seven figure amount it's possible that he might have gotten away with it, but when nearly $20 million goes missing or gets paid to one entity it should receive the attention of the CEO of the company. It will be interesting to see how long a sentence he actually receives.

[luvMIdog]

2. I'll just pay off everything I owe & get a car...no wait .. I can steal millions...greed