Thaindian News

HARTFORD, CONNECTICUT (BNO NEWS) – A Connecticut man was sentenced to federal prison for his role in a multimillion dollar embezzlement scheme, prosecutors said Wednesday.

Steven DeCecco, 52, of Stratford, Connecticut, and Jaime Hoff were involved in a scheme to embezzle from their former employer, Expand International of America, directing hundreds of unauthorized wire transfers from their employer’s bank accounts to their own accounts and to third parties for DeCecco’s benefit. They collectively stole approximately $2,516,288.

Both, DeCecco and Hoff used their positions to disguise their scheme over a period of approximately two years. DeCecco was the Corporate Controller and was in charge of the company’s accounting functions, and Hoff was responsible for performing accounts payable functions and bank reconciliations.

Much of the stolen money was used for purchasing multiple high-end classic cars, car parts and related expenses, transferring $52,000 in company funds on May 20, 2008 allowing DeCecco to purchase a 1965 Chevy Corvette and, on October 21, 2008, $55,000 to fund his purchase of a 1959 Corvette.

The U.S. Secret Service seized several vehicles during their investigation, such as a 1962 Chevy Corvette, a 1991 Chevy Corvette, a 2008 Chevy Corvette, a 1970 Dodge Challenger, a 1967 Chevy Corvette, and a 2009 Harley Davidson motorcycle. In addition, the Government froze approximately $240,000 contained in DeCecco’s bank accounts.

DeCecco pleaded guilty on November 9, 2009, and was sentenced to 96 months of imprisonment, followed by three years of supervised release. He was also ordered to pay restitution in the amount of $2,556,288, which includes costs incurred by the victim in connection with its assistance in the investigation and prosecution of this matter.

Hoff pleaded guilty to one count of wire fraud stemming from her role in the scheme on October 8, as she awaits sentencing.