BOSTON – The grimy details of a white-collar crime unfold as Paul Schnitzer, 51, from Clermont, Fla., stands accused of embezzling at least $5.7 million from his employer, a Florida-based portfolio company owned by a Massachusetts investment firm.
Schnitzer, who served as the finance director, faces one count of wire fraud, with an arraignment pending in federal court in Boston. He was initially arrested and charged on May 21, 2024, marking the beginning of his descent from corporate steward to criminal defendant.
The charging documents paint a picture of financial chicanery, detailing over 100 transfers made by Schnitzer from the company’s operating account into his personal coffers. Many of these were shrouded as “equity distributions.” To mask his thievery, Schnitzer reportedly supplied falsified financial reports to the investment firm, inflating the cash balances and throwing a cloak of legitimacy over his thefts.
But the cunning act of replenishing the company’s account with a secret line of credit after siphoning off funds only served to deepen the deception. The charges against Schnitzer could lead to a maximum sentence of 20 years in prison, three years of supervised release, and a fine reaching $250,000 or twice the amount stolen.
Acting United States Attorney Joshua S. Levy and Jodi Cohen, Special Agent in Charge of the FBI’s Boston Division, have announced the charges, while Assistant U.S. Attorney David M. Holcomb is prosecuting the case. As it stands, all allegations against Schnitzer are merely accusations; he is presumed innocent until proven guilty beyond a reasonable doubt.
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Key Facts
- State: Massachusetts
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: Official Source ↗
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