Connecticut man sentenced for his role in a multimillion dollar embezzlement scheme
March 25th, 2010 - 1:28 am ICT by BNO NewsHARTFORD, 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.
- Coventry, CT man sentenced for participating in bank fraud scheme - Mar 10, 2010
- Texas woman sentenced for embezzling more than $3.6 million - Feb 23, 2010
- Four Florida residents charged in $6 million mortgage fraud scheme - Mar 17, 2010
- Louisiana pair sentenced for embezzlement scheme in New Orleans - Mar 12, 2010
- Michigan man pled guilty to multimillion dollar loan fraud - Mar 12, 2010
- Texas woman, former NRG Energy employee defrauds company out of over $600,000 - Apr 20, 2010
- A West Haven, CT woman pleads guilty to fraud - Feb 10, 2010
- Romanian citizen sentenced for participating in a Connecticut phising scheme - Feb 10, 2010
- New Orleans banker sentenced after embezzling over $175,000 - Feb 05, 2010
- Connecticut heroin dealer sentenced to two years in prison - Feb 12, 2010
- Former California Post Master pleads guilty to embezzlement - Feb 09, 2010
- Indian American gets 12 years jail term for internet drug fraud - Dec 15, 2009
- Newburgh, NY man pleads guilty to filing a false tax return - May 07, 2010
- Orange County, CA resident sentenced to over 10 years for his part in $61 million Ponzi scheme - May 14, 2010
- Former British MP Illsley pleads guilty to false accounting - Jan 11, 2011
Tags: 1959 corvette, 1970 dodge challenger, bank reconciliations, bno, chevy corvette, classic cars, connecticut man, corporate controller, dececco, dodge challenger, embezzlement scheme, harley davidson, harley davidson motorcycle, hartford connecticut, payable functions, stolen money, stratford connecticut, supervised release, wire fraud, wire transfers