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Samsung Director Sentenced for $1M Embezzlement
A former director of Samsung America Inc.’s Korea Export Department has been sentenced to 75 months in prison for his role in a scheme to embezzle more than $1 million from the company from 2002 through 2007.
John Y. Lee, a/k/a “Yong Kook Lee,” 53, of West New York, New Jersey, previously pleaded guilty before U.S. District Judge Susan D. Wigenton to an information charging him with one count of wire fraud and one count of subscribing to false individual income tax returns.
According to documents filed in this case and statements made in court, Lee admitted his role in an elaborate scheme to embezzle funds from Samsung America, a Ridgefield Park-based global trading and investment company and American subsidiary of the Korean conglomerate Samsung Corp.
During his plea hearing, Lee admitted that in September 2000, he created a fictitious entity called the Engelhard Supple Co. to make it appear as though that entity was actually Engelhard Corp., a provider of metal refining services based in Iselin, New Jersey.
Lee admitted creating numerous false financial documents, including invoices, purchase orders and payment applications that made it appear that Samsung Corning Precision Glass Ltd., a joint venture involving the Samsung Corporation and Corning Inc., had ordered services from Engelhard. In fact, no real services had been ordered or provided.
Lee was sentenced to three years of supervised release and ordered to pay to Samsung America Inc. restitution of $1,693,271. U.S. Attorney Paul J. Fishman credited special agents of the FBI, under the direction of Special Agent in Charge Timothy Gallagher, with the investigation leading to today’s sentencing.
Defense Counsel Paul Brickfield Esq., of River Edge, New Jersey, represented Lee during the sentencing hearing. The government is represented by Special Assistant U.S. Attorney Stephanie Raney of the U.S. Attorney’s Office’s General Crimes Unit.
Key Facts
- State: New Jersey
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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