Related Federal Cases
- Million-Dollar Embezzlement Scheme Unravelled · Massachusetts
- Prescott Scammed Investors in Currency Scheme · Massachusetts
- Bacon Gets 6 Years for Mortgage Fraud Scheme · Massachusetts
- Amit Kanodia Convicted in $1M Insider Trading Scheme · Massachusetts
- Songjiang Wang Arrested in $250K Insider Trading Scheme · Massachusetts
Lowell Man Arrested for $440,000 Embezzlement Scheme
A Lowell man has been arrested in connection with a $440,000 embezzlement scheme. Jorge Manuel Silva, 58, was indicted on 23 counts of bank fraud after allegedly stealing more than $440,000 from Seaport Fish Co., a seafood and fish distributor based in Spain.
According to the indictment, Silva was the United States representative for Seaport Fish Co. and was responsible for coordinating sales, collecting customer payments, and depositing those payments into Seaport’s account at Bank of America. However, instead of following these procedures, Silva diverted more than $903,000 in Seaport customer checks to two accounts he held at Enterprise Bank in Lowell.
On occasion, Silva reimbursed Seaport with checks drawn on his Enterprise accounts several weeks or months after he had deposited the customer checks into those accounts. On other occasions, he used Seaport funds to pay personal expenses and the expenses for his other businesses. In this fashion, Silva diverted about $440,000 of Seaport funds to his own uses.
The charge of bank fraud carries a sentence of no greater than 30 years in prison, five years of supervised release, and a fine of $1 million. United States Attorney Carmen M. Ortiz, Joseph R. Bonavolonta, Acting Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division, and Shelly Binkowski, Inspector in Charge of the U.S. Postal Inspection Service, made the announcement. The case is being prosecuted by Assistant U.S. Attorney Sandra S. Bower of Ortiz’s Economic Crimes Unit.
The details contained in the indictment are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law. Silva was released on conditions during his initial appearance today before U.S. District Court Magistrate Judge Donald L. Cabell.
The case is a stark reminder of the importance of accountability and transparency in the business world. It highlights the need for companies to have robust internal controls in place to prevent embezzlement and other forms of financial misconduct.
The FBI, U.S. Postal Inspection Service, and U.S. Attorney’s Office are to be commended for their tireless efforts in bringing this case to justice.
RELATED: Flint Man Pleads Guilty in $140K Retail Fraud Scheme
RELATED: Bank Fraud Kingpin Phalentz Vernot and Five Accomplices Busted
Key Facts
- State: Massachusetts
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
