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Accounting Firm Partner Pleads Guilty to Multimillion-Dollar Accounting Fraud Scheme
A shocking case of financial deceit has been uncovered in New York, as Marc Wieselthier, a partner at a prominent accounting firm, pleads guilty to participating in a multimillion-dollar accounting fraud scheme.
According to the allegations, Wieselthier, 57, of Plainview, New York, conspired with others to obtain millions of dollars in loans by making false statements and providing false and fraudulent documents to two commercial banks in New York.
The scheme involved Wieselthier’s client, a Florida-based cosmetics company, which fraudulently induced the banks into lending millions of dollars by repeatedly making materially false and misleading statements about the company’s financial condition.
As a certified public accountant and partner at the firm, Wieselthier knowingly issued unqualified audit reports, falsely certifying that the company’s financial statements fairly reflected its true financial condition.
Wieselthier’s deceitful actions concealed the company’s financial struggles, allowing it to secure and draw down millions of dollars in revolving loans that would not have been entitled to receive otherwise.
The company eventually defaulted on the loans in March 2014, leaving an outstanding balance of more than $4.8 million.
Wieselthier’s guilty plea has marked a significant development in the case, as he faces one count of conspiracy to commit bank fraud, a charge that carries a maximum sentence of up to 30 years in prison.
With his plea, Wieselthier now awaits sentencing for his crime, joining his co-conspirators in facing the consequences of their actions.
The case serves as a stark reminder of the risks and consequences of engaging in financial crimes, and the importance of accountability in maintaining trust and integrity in the financial industry.
As Grimy Times continues to investigate and report on this story, we will provide updates on Wieselthier’s sentencing and any further developments in the case.
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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