Christina Iannelli, Bank Fraud, Massachusetts 2022

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Defendant Iannelli’s $180,000 Heist Exposed

A former Sudbury resident and bookkeeper, Christina Iannelli, 51, has pleaded guilty to bank fraud charges in connection with her embezzling more than $180,000 from her former employer, an interior design firm based in Lexington.

Iannelli, an independent contractor, was arrested and charged in March 2022. She is scheduled to be sentenced on March 14, 2024, by U.S. District Court Judge Nathaniel M. Gorton.

According to prosecutors, Iannelli prepared dozens of fraudulent invoices with inflated totals derived from inaccurate math and issued herself checks for the inflated amounts due from the firm’s checking account. She also issued herself dozens of additional unauthorized checks, using a signature stamp in the name of the firm’s owner to issue the fraudulent checks.

To conceal the fraudulent payments, Iannelli made false entries in the firm’s accounting records. In total, Iannelli embezzled more than $30,000 through inflated compensation checks and more than $150,000 through additional unauthorized checks.

The charge of bank fraud carries a sentence of up to 30 years in prison, five years of supervised release, and a fine of $1 million. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

Acting United States Attorney Joshua S. Levy, Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division, and Lexington Police Chief Michael McLean made the announcement today. The Sudbury Police Department provided valuable assistance in the case.

Assistant U.S. Attorney James R. Drabick of the Securities, Financial & Cyber Fraud Unit is prosecuting the case.