A former San Diego non-profit executive has pleaded guilty to stealing over $400,000 from her employer, authorities announced today.
Katherine Lu Acquista, 47, of Escondido, California, admitted to embezzling $433,275.89 from the San Diego Regional Economic Development Corporation (EDC) while serving as its Director of Operations and Accounting.
According to court documents, Acquista used her position to put personal expenses on the EDC’s credit card and directed the accounting department to issue checks from EDC to herself. She then falsified records to cover her tracks, making it appear as though the expenses were legitimate business costs.
Acquista’s scheme went undetected for some time, but an investigation by the Federal Bureau of Investigation (FBI) uncovered the extent of her theft. The EDC is a non-profit organization that works to promote economic growth and development in San Diego.
“This defendant took funds that were supposed to make San Diego a stronger business community and spent them on herself,” said U.S. Attorney Tara McGrath. “Our office takes embezzlement from local businesses very seriously and will continue to vigorously prosecute these cases.”
“Ms. Acquista worked for an organization whose goal is to help the San Diego community; however, she chose to abuse her position of trust within the organization,” said FBI San Diego Acting Special Agent in Charge John Kim. “The FBI remains committed to ensuring that individuals who deliberately compromise the integrity of their position and organization for personal gain will be brought to justice.”
Acquista is scheduled to appear before U.S. District Judge Battaglia for sentencing on July 15, 2024, at 9 a.m. She faces a maximum penalty of 20 years in prison and a $250,000 fine or the gross gain or loss from the offense, whichever is greater.
The case was investigated by the FBI with the assistance of the U.S. Attorney’s Office. Acquista is charged with one count of wire fraud, in violation of Title 18, United States Code, Section 1343.
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Key Facts
- State: California
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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