A federal judge has unsealed the indictment of Christopher Terranova, 32, of Brooklyn, New York, on charges of embezzlement and money laundering. The indictment alleges that Terranova, a former employee of a major financial institution, stole over $2 million from his employer between 2018 and 2022.
According to court documents, Terranova used his position to funnel company funds into his personal bank accounts, often wiring large sums of money to offshore accounts. He then used the stolen money to purchase luxury items, including a $500,000 waterfront property in Brooklyn and a $250,000 Porsche.
U.S. Attorney for the Eastern District of New York, Lauren Howard Elbert, said in a statement, ‘The defendant abused his position of trust to enrich himself, leaving his employer with significant financial losses.’ Elbert added that the case highlights the importance of vigilance in preventing and detecting white-collar crime.
Terranova’s attorneys, Vinoo P. Varghese and Claire S. Kedeshian, have declined to comment on the charges. However, sources close to the case say that Terranova maintains his innocence and is cooperating fully with investigators.
The indictment also names several other individuals, including Rachel A Bennek, who allegedly helped Terranova launder the stolen money. Bennek, 29, of Queens, New York, has also been charged with money laundering and conspiracy.
The case is being prosecuted by the U.S. Attorney’s Office for the Eastern District of New York, with assistance from the Federal Bureau of Investigation (FBI). If convicted, Terranova faces up to 20 years in prison for each count of embezzlement and money laundering.
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Key Facts
- Agency: U.S. Federal Court
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: Official Source â†â€â€ÂÂÂ
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