Randy Wang, a 34-year-old former chief financial officer, has pleaded guilty in Manhattan federal court to defrauding his former employer of over $2 million in unauthorized credit card charges.
According to court documents, Wang, of Bayside, Queens, incurred more than $2.2 million in unauthorized charges on a company credit card account between January 2016 and October 2017. The charges included purchases of laptop computers, mobile electronic devices, and other electronics, all of which were unrelated to his official duties.
Wang made hundreds of purchases at both online and brick-and-mortar retailers, and to avoid detection, he altered the company’s accounting records to disguise the nature of the credit card charges.
Wang’s scheme was uncovered, and he pleaded guilty to one count of wire fraud, a charge that carries a maximum sentence of 20 years in prison and a maximum fine of $250,000, or twice the gross gain or loss from the offense.
U.S. Attorney Geoffrey S. Berman praised the work of Homeland Security Investigations and the El Dorado Task Force in uncovering Wang’s scheme.
Wang’s sentencing is scheduled for September 5, 2018, at 11:00 a.m. He is currently awaiting sentencing for the theft and deceit that victimized his former employer.
Assistant U.S. Attorney Christine I. Magdo is in charge of the prosecution, which is being handled by the Office’s Securities and Commodities Fraud Task Force.
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Key Facts
- State: New York
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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