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Accountant Indicted for Bank Fraud and Embezzlement
A North Bay accountant has been charged with bank fraud, embezzlement, and tax evasion in connection with schemes to use her access as an accountant to enrich herself at the expense of two former employers. Stephanie Simontacchi, 48, of Petaluma, California, was employed as a bookkeeper and assistant controller with Cavallo Point Lodge, a hotel near Sausalito, from December 2009 through April 2016.
While employed at Cavallo Point Lodge, Simontacchi had access to her employer’s accounting records and accounting systems. She also had signatory authority over Cavallo Point Lodge’s bank accounts, which gave her authority to create and sign checks from the hotel’s bank accounts and to pay the hotel’s legitimate payments and obligations.
The indictment alleges that Simontacchi embezzled funds from her employer by stealing accounts receivable checks that had been sent to Cavallo Point Lodge from third parties and depositing the checks into her personal bank accounts. Further, the indictment alleges Simontacchi embezzled accounts payable checks that were drawn from Cavallo Point Lodge’s bank accounts and made payable to third-party vendors. Instead of sending these checks to the intended third parties, Simontacchi allegedly deposited them in her own bank accounts. Simontacchi allegedly embezzled at least $384,363.28 from, or owed to, Cavallo Point Lodge and deposited these stolen funds into her own accounts.
In addition, the indictment alleges Simontacchi was employed by Redwood Credit Union from April 2016 through April 2019, during which time she embezzled over $437,000 from the credit union. Simontacchi’s responsibilities included processing voided official checks and communicating with Redwood Credit Union’s official check vendor regarding issues pertaining to the funding and voiding of these checks. The indictment alleges that Simontacchi embezzled some of these checks, as well as official checks that had been returned to Redwood Credit Union by members and were supposed to have been voided, then deposited the checks into her personal bank accounts. She used the embezzled proceeds for personal expenses, including to make a payment towards her home equity line of credit.
Simontacchi was also accused of evading taxes by failing to pay taxes on additional, unreported income received in years 2015, 2017, 2018, and 2019.
Simontacchi was arrested on June 25, 2021, and made her initial federal court appearance before U.S. Magistrate Judge Tse this morning and was arraigned on the charges. Her next appearance is scheduled for July 15, 2021, before U.S. Federal District Court Judge Orrick.
An indictment contains allegations only. Simontacchi is presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
If convicted, the maximum statutory penalties for each violation of 18 U.S.C. § 1344(2) and 18 U.S.C. § 657 is 30 years’ imprisonment and a $1,000,000 fine.
Key Facts
- State: California
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: DOJ Press Release â†â€â€
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