Former CFO for New Jersey company pleads guilty to massive embezzlement scheme
A series of decisions made by a one-time CFO in New Jersey may lead to 20 years in State prison.
The news of the embezzlement scheme in New Jersey and the guilty plea was announced by the U.S. Department of Justice.
In admitting her guilty via a plea in court, 50-year-old Amy Aldi of Wayne, New Jersey did so on the charge of wire fraud after hauling in more than $.7-million from her employer while she was there as the CFO and Director of Operations for the company, whose name was not disclosed by the DOJ.
U.S. Attorney Philip R. Sellinger said that between January 2018 and December 2020, Amy Aldi allegedly "abused her position as chief financial officer and director of operations for a New Jersey-based company to embezzle millions of dollars by withdrawing cash from the company’s operating account and then using the cash for her own personal benefit."
To aid in her efforts of stealing the massive amount of money, Aldi would make several cash withdrawals -- more than 200 -- in an effort to presumably be stealth but as she took out the money in the continuous amounts of $5,000 to $25,000 and eventually eclipsing more than $3.7-million overall, people were taking notice.
To try and hide what she was doing, Attorney Sellinger said that "Aldi concealed the theft by falsifying company accounting and financial records, including making false journal entries and altering bank statements issued to the company for the company’s operating account."
Upon her sentencing in January of 2023, Aldi faces a maximum 20 years in prison on the wire fraud charge as well as a fine of $250,000 fine "or twice the gross gain or loss from the offense, whichever is greatest."
U.S. Attorney Sellinger said that credit for the investigation goes to "special agents of the FBI, under the direction of Special Agent in Charge James E. Dennehy in Newark."
In this case, the government is represented by Assistant U.S. Attorney Blake Coppotelli of the U.S. Attorney’s Office Economic Crimes Unit, and the Defense counsel is Paul Brickfield Esq., of River Edge, New Jersey.