Fort Walton CFO Greutman Gets 42 Months for $825K Embezzlement

Michael C. Greutman, 59, of Fort Walton Beach, Florida, is headed to federal prison for 42 months after admitting to a seven-year heist that bled over $825,000 from a family-owned business in Shalimar. The former Chief Financial Officer was sentenced Tuesday in Pensacola on charges of wire fraud and tax evasion, closing a case that exposed a calculated campaign of financial betrayal.

From 2009 to 2016, Greutman exploited his position of trust to funnel company funds into his personal life. He made unauthorized online payments on his personal credit cards using employer money, charged lavish personal expenses to corporate cards, and siphoned cash directly into his own bank accounts. All the while, he forged documents and altered accounting records to mask the theft—crafting a paper trail designed to deceive auditors and owners alike.

But the scheme unraveled under federal scrutiny. A joint investigation by the Okaloosa County Sheriff’s Office and IRS Criminal Investigation—part of the Emerald Coast Financial Crimes Task Force—exposed the depth of Greutman’s deception. Not only did he steal from the company, but he also failed to report any of the stolen funds as income, committing tax evasion on nearly a million dollars in illicit gains.

“This criminal thought he would use a position of trust to steal from good people, but instead he will be paying a heavy price for his actions,” said U.S. Attorney Lawrence Keefe, who prosecuted the case through the Northern District of Florida. “Thanks to the effective teamwork of federal and local authorities, a seven-year scheme to rip off a family-owned business will end in a federal prison.”

IRS Special Agent in Charge Brian Payne underscored the human toll of such crimes: “If left unchecked, greed can be a powerful and dangerous motivator. Financial crimes cause serious harm, not just in the pocketbooks, but in the emotional wellbeing of its victims.” The task force, he said, exists to hold perpetrators accountable and restore integrity to local businesses.

Okaloosa County Sheriff Larry Ashley credited Investigator Les Wolthers for piercing through Greutman’s layers of deception. “Despite the defendant’s extensive and sophisticated attempts to conceal his embezzlement, it was not enough to escape the focused scrutiny and meticulous approach of Investigator Les Wolthers,” Ashley said. Deputy U.S. Attorney Jeffrey Tharp prosecuted the case, which culminated in a sentence that sends a clear message: betrayal of trust has consequences.