Former CFO of Insurance Brokerage Company Guilty of Embezzling $2 Million Over Two Year Period and Tax Evasion
The former Chief Financial Officer of
According to the plea agreement, Smith admitted that from July of 2013 through April of 2015, while employed as CFO of Market Finders, she generated fraudulent loan checks from her employer and diverted it into the bank account of
Specifically, during the relevant time period, the defendant devised a scheme to embezzle funds from
Smith admitted that she and her husband used a portion of the fraudulent loan proceeds to fund her husband's business and to pay for personal expenses for herself and her husband and to pay for gambling activity.
Further, Smith used a portion of the proceeds to make payments on the previous loans she had falsely created from Market Finders Premium Budget. When the scheme was discovered by Market Finders and brought to an end, Smith had not repaid approximately
Additionally, Smith admitted to failing to report approximately
At sentencing, Smith agreed to pay
This case is being prosecuted by Assistant United States Attorney
smith_sylvia_information_11_3_17.pdf (https://www.justice.gov/usao-wdky/press-release/file/1008716/download)
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