CFO Cronin Pleads Guilty to $1.3M Wire Fraud

Former Chief Financial Officer (CFO) Paul Cronin of the United States Council for International Business (USCIB) pleaded guilty today in Brooklyn federal court to wire fraud and making a false tax return, officials revealed. The 55-year-old from Daniel Island, South Carolina, is accused of misappropriating over $1.3 million in USCIB funds for personal use.

Cronin’s actions not only violated the trust placed in him as a CFO but also defrauded both USCIB and the Internal Revenue Service (IRS). According to court documents, he failed to report the embezzled funds as income, further complicating his legal troubles.

Acting United States Attorney Bridget M. Rohde emphasized the severity of Cronin’s crimes, stating, ‘The defendant betrayed his position of trust with a not-for-profit organization to line his own pockets.’ Rohde added that her office will continue to pursue corrupt actors who undermine public faith in organizations dedicated to the greater good.

Assistant Director-in-Charge William F. Sweeney Jr., of the FBI, echoed these sentiments, noting that Cronin’s misappropriation of funds contradicted USCIB’s advocacy for free trade. ‘This type of reprehensible and illegal activity won’t be tolerated,’ Sweeney said.

IRS Special Agent-in-Charge James D. Robnett highlighted the importance of IRS Criminal Investigation in cases like this, reminding readers that income is taxable regardless of its source. ‘The victims are not only the taxpayers but also the entities suffering financial harm,’ Robnett stated.

Sentencing for Cronin has been scheduled for August 18, 2017, where he faces up to 20 years in prison. The case is being prosecuted by Assistant United States Attorneys Alexander A. Solomon and Lan Nguyen within the Office’s Public Integrity Section.