Frank Okunak, 56, of Lyndhurst, New Jersey, has admitted to swindling over $16 million from his former employer, a leading global public relations firm, in a decade-long embezzlement scheme.
Okunak, who served as the firm’s chief financial officer and later chief operating officer, pleaded guilty to one count of wire fraud and one count of falsification of corporate books and records in the Southern District of New York.
According to the allegations, Okunak used his authority to embezzle funds from the firm and its publicly traded parent corporation, using the money to finance his personal lifestyle and private business ventures.
Okunak concealed the embezzlement by preparing and causing others to prepare false accounting books and records, including invoices and payment records that falsely described expenditures as being for the benefit of the firm.
Specifically, from 2011 through 2020, Okunak used the firm’s assets to provide start-up capital for his personal business ventures, purchase luxury items, and even cover donations to his alma mater.
As part of his guilty plea, Okunak agreed to forfeit $10,823,575.57 and pay restitution of $16,043,603.71.
Okunak awaits sentencing for his crimes, which carry a maximum sentence of 20 years in prison.
U.S. Attorney Damian Williams praised the FBI for its outstanding work in the investigation and thanked the U.S. Securities and Exchange Commission and the victim firm for their cooperation.
The case is being overseen by the Office’s Securities and Commodities Fraud Task Force, with Assistant U.S. Attorneys Scott Hartman and Matthew Podolsky leading the prosecution.
Related Federal Cases
- Menachem Max Lieberman, Childcare Program Embezzlement, New York 2024 · New York
- Terrell Fuller, Wire Fraud, New York 2023 · New York
- Letitia James Sues Trump Admin Over H-1B Visa Fee, New York NY, 2023 · New York
- Secured 24 LLC, Underpaid Employees, New York NY, 2023 · New York
- Letitia James Convicts Google of Ad Monopoly Violation, New York, 2023 · Connecticut
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
White Collar CrimeWhite Collar CrimeWhite Collar CrimeWhite Collar Crime