COLUMBUS, Ohio – A brazen Central Ohio man has been brought to justice for swindling his employer out of a staggering $26.5 million in one of the largest embezzlement schemes in recent memory.
Yi He, 36, of Powell, was sentenced in U.S. District Court to 60 months in prison for his role in the massive heist, which spanned from 2018 to 2022. As part of his sentence, He will also pay restitution to his former employer and to the IRS, and forfeit a Tesla vehicle.
According to court documents, He was a long-time and trusted employee of a furniture company that provides products to major retailers like Wayfair, Overstock, Kohls, Walmart, and Ashley. He was solely responsible for payroll and payroll tax-related duties for the company.
Between 2018 and 2022, He embezzled money from the company’s bank account into his own personal and financial investment accounts. He submitted false and fraudulent bank and financial statements to the company’s leadership to remain undetected.
For example, in one wire transfer in February 2022, He wired himself $100,000. He falsified that month’s bank account statement by removing the transaction entirely. In total, He stole $26.5 million from the company.
He also helped oversee an employee incentive LLC that rewarded company employees with 10 or more years of service. The LLC offered employees a way to earn more and supplement retirement. He similarly embezzled from the LLC’s bank accounts. For example, in one wire transfer in April 2022, he paid himself $200,000 by falsely categorizing the transfer as “Rent.” In total, he stole $635,000 from the LLC.
He failed to accurately report his income to the IRS for tax years 2018 through 2021, causing a total tax loss of approximately $6.8 million. He pleaded guilty in August 2023 to committing wire fraud and filing a false tax return.
U.S. District Judge Sarah D. Morrison imposed the sentence, which was announced by Kenneth L. Parker, United States Attorney for the Southern District of Ohio, and Karen Wingerd, Acting Special Agent in Charge, Internal Revenue Service Criminal Investigation (IRS-CI). Deputy Criminal Chief Jessica W. Knight represented the United States in this case.
The sentence marks a significant blow to He’s schemes, which were meticulously uncovered by investigators. The case serves as a reminder that even the most trusted employees can be brought to justice for their crimes.
The Southern District of Ohio’s U.S. Attorney’s office has vowed to continue pursuing white-collar crimes with the same vigor as more traditional crimes. “This sentence demonstrates our commitment to holding individuals accountable for their actions, no matter how brazen or sophisticated,” said Parker in a statement.
He’s sentence is a stark reminder that embezzlement can have devastating consequences, not only for the company but also for the employees who trusted him with their financial futures.
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Key Facts
- State: Ohio
- Agency: DOJ USAO
- Category: White Collar Crime
- Source: Official Source ↗
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