FRESNO, Calif. – A shocking case of financial deceit has come to light in California, with a Clovis CPA at the center of a $1 million heist.
Kenneth Gould, 65, a certified public accountant from Clovis, has been indicted for bank larceny, a charge that carries a maximum penalty of 10 years in prison and a fine of up to $250,000.
According to court documents, Gould initiated over 90 fraudulent Automated Clearing House (ACH) payments totaling over $20 million from one of his clients’ accounts to his payroll company’s account at the same bank between October 2017 and March 2018.
As a CPA and owner of a payroll services company, Gould had access to the bank’s system, allowing him to execute the massive scheme with ease.
The bank, however, soon realized that there were insufficient funds to cover the payments and denied them, but not before Gould withdrew over $1 million in cash, cashier’s checks, and online transfers to other accounts.
Despite repeated demands from the bank for repayment, Gould failed to make good on his promises, leaving the financial institution with a significant loss.
This case is a prime example of the devastating consequences of white-collar crimes and the importance of accountability in the financial sector.
The Federal Bureau of Investigation (FBI) investigated this case, and Assistant U.S. Attorney Joseph D. Barton is prosecuting the matter.
Gould is set to be arraigned on October 14, 2021, and will face the consequences of his actions if convicted.
The charges against Gould are merely allegations, and he is presumed innocent until proven guilty beyond a reasonable doubt.
Related Federal Cases
- Frank Hamilton Sentenced to 5.5 Years for SBA Scam, California, 2023 · Texas
- Kenneth Thom, Investment Adviser Fraud, New York NY, 2026 · New York
- Amy Evangelista, Tax Fraud, California 2023 · California
- Federal Regulators, Lifel, Securities Fraud, California 2020 · Connecticut
- First National Bank of Lindsay, Bank Failure, Oklahoma, 2023 · Oklahoma
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
US NewsUS NewsUS NewsUS News