A Florida man has been charged with stealing a staggering $5.7 million from his employer, a Florida-based portfolio company owned by a Massachusetts investment firm.
Paul Schnitzer, 51, of Clermont, Fla., was indicted on one count of wire fraud, a charge that carries a sentence of up to 20 years in prison, three years of supervised release, and a fine of up to $250,000, or twice the loss to the victim.
According to the charging documents, Schnitzer made over 100 transfers, most disguised as “equity distributions,” from the company’s operating account into his personal account. To hide these transfers, Schnitzer allegedly provided falsified financial reports with inflated cash balances for the company to the investment firm.
It is also alleged that Schnitzer secretly used a line of credit to replenish the company’s operating account after he had stolen from it.
The indictment alleges that Schnitzer committed the crimes between January 2022 and May 2024, while working as the finance director for the portfolio company.
Acting United States Attorney Joshua S. Levy and Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division, announced the indictment. Assistant U.S. Attorney David M. Holcomb of the Securities, Financial & Cyber Fraud Unit is prosecuting the case.
The details contained in the charging documents are allegations. The defendant is presumed to be innocent unless and until proven guilty beyond a reasonable doubt in the court of law.
Related Federal Cases
- Florida Man Stole $4 Million from Employer, Charged with Wire Fraud · Massachusetts
- Florida Man Pleads Guilty to $452K SBA Fraud Scheme · Massachusetts
- Florida Man Stole $4M from Employer in Elaborate Embezzlement Scheme · Massachusetts
- Massachusetts Woman Pleads Guilty to Bank Fraud Scheme · Massachusetts
- Mass. Pain Doc Pleads Guilty to $27M Fraud Scheme · Massachusetts
Key Facts
- State: Massachusetts
- Agency: DOJ USAO
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: Official Source ↗
🔒 Get the grimiest stories delivered weekly. Subscribe free →
Browse More
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News