Edward Abellana, Embezzlement, California 2017

State: California
Category: White Collar Crime
Source: <a href="https://www.justice.gov/usao-sdca/pr/accounts-payable-supervisor-who-embezzled-millions-dollars-sentenced-prison" style="color:#cc0000;" target="_blank" rel="nofollow noopener">DOJ Press Release ÃƒÂ¢Ã¢â‚¬Â Ã¢â‚¬â€

San Diego, California – In a shocking case of corporate corruption, former Accounts Payable Supervisor Edward Abellana was sentenced to two years in prison for embezzling millions of dollars from Argen Corporation, a San Diego-based metals company.

According to the US District Court, Abellana used his position of trust to embezzle approximately $1.9 million from Argen between June 2012 and October 2015. He used the stolen funds to finance a lavish lifestyle, including renting private jets, paying for luxury vacations to Hawaii, Las Vegas, and Disneyland, and paying for a trip to the Super Bowl and other sporting events.

Abellana’s embezzlement scheme involved using company credit cards to make personal purchases, which he then concealed by intercepting credit card statements and altering them using computer software. He also falsified the company’s books and records to cover up his crimes.

The scheme also involved Abellana filing false tax returns, failing to report the embezzled funds on his tax returns for tax years 2012 through 2015. He admitted to owing the Internal Revenue Service more than $661,000 in federal income taxes.

Abellana was ordered to repay approximately $1,952,202 to Argen and pay approximately $661,000 to the Internal Revenue Service. He was also sentenced to two years in prison and will be required to self-surrender on July 26, 2017.

“Individuals thinking about participating in embezzlement schemes should stop in their tracks and simply look at the consequences of taking the next step,” stated Special Agent in Charge R. Damon Rowe for IRS Criminal Investigation.

The case is a stark reminder of the devastating consequences of corporate corruption and the importance of holding individuals accountable for their actions. Abellana’s sentence serves as a warning to others who may be tempted to engage in similar schemes.