WILMINGTON, Del. – A federal grand jury has indicted Donald Rice, 54, of Middletown, for wire fraud, bank fraud, money laundering, and tax offenses totaling nearly $3 million.
Rice, a former certified public accountant, is accused of embezzling funds from a trust created to pay the tax obligations of a dissolving company. He faces up to 30 years in prison on the bank fraud charges alone. The indictment alleges Rice used trust funds to finance his personal business investments and luxury vehicle purchases.
Further allegations claim Rice defrauded another client by misappropriating $100,000 meant for investment and using it for personal ventures. After the client’s death, Rice continued to collect pension payments from a public employee retirement system, again for his own benefit.
The indictment also charges Rice with income tax fraud, including failing to report illegal income on his 2013 tax return and not filing a return for 2014.
Acting U.S. Attorney David C. Weiss emphasized the severity of the crimes, stating, “The theft of millions by a trusted professional is a brazen crime.” The investigation was led by the Internal Revenue Service and FBI, with prosecution handled by Assistant U.S. Attorney Lesley Wolf.
The defendant is presumed innocent until proven guilty beyond a reasonable doubt.
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Key Facts
- State: Delaware
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption|White Collar Crime
- Source: Official Source ↗
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