Jill Martinho, Embezzlement, Rhode Island 2019

Former Controller at Walco Electric Company Sentenced to Prison for Embezzlement

PROVIDENCE, RI - Jill Martinho, 43, of Swansea, Mass., has been sentenced to 33 months in federal prison for embezzling $550,000 from her former employer, Walco Electric Company.

Martinho, who was employed by Walco Electric for approximately 13 years beginning in 2005, pleaded guilty on April 1, 2019, to wire fraud and willfully making a false tax return.

According to information presented to the Court, Martinho was entrusted by the owner of Walco Electric to manage all of the company's finances, including signing company checks, managing bank accounts, borrowing on the company's line of credit, payroll, and creating monthly financial statements.

Martinho was also authorized to purchase supplies necessary for the company with the use of personal credit cards. She perpetrated the fraud by obtaining reimbursement twice for some purchases and by obtaining reimbursement for completely fictitious expenses.

From May 2015 through February 2018, although Martinho was entitled to reimbursements from the company totaling approximately $459,224, based on her fraudulent claims, including the use of fraudulently created card statements, she received approximately $1,017,295 from the company, causing the company a loss of approximately $557,974.

Martinho was ordered to pay $557,974 in restitution to her former employer, of which $100,000 has already been reimbursed, and $185,466 owed to the IRS.

U.S. District Court Chief Judge William E. Smith handed down the sentence, which will be followed by 3 years supervised release.

Source: https://www.justice.gov/usao-ri/pr/controller-sentenced-embezzling-550000-providence-small-business