Gerald Lloyd Larson, Embezzlement, South Dakota 2013

Embezzlement

A Sioux Falls man is facing serious charges after being accused of embezzling funds from his former employer, a health care provider located in Sioux Falls.

Gerald Lloyd Larson, age 69, was indicted by a federal grand jury on April 2, 2013 for bank fraud, embezzlement in connection with health care, and two counts of money laundering. Larson is accused of depositing items meant for his employer’s account into his personal bank account while working at the health care provider.

Larson appeared before U.S. Magistrate Judge John E. Simko on April 15, 2013 and pled not guilty to the indictment. The charges carry maximum possible sentences as follows: bank fraud – 30 years in prison and/or $1 million fine; embezzlement – 10 years in prison and/or $250,000 fine; and money laundering – 20 years in prison and/or a $500,000 fine on each count. Restitution may also be ordered.

The investigation is being conducted by the Federal Bureau of Investigation. Assistant U.S. Attorney Connie Larson is prosecuting the case. Larson was released on his own recognizance pending trial.

The charges are merely accusations and Larson is presumed innocent until and unless proven guilty.

Larson’s case highlights the importance of being vigilant when it comes to financial transactions. Businesses and individuals must be aware of the potential for embezzlement and take steps to prevent it.

Brendan V. Johnson, United States Attorney, emphasized the severity of the charges and the potential consequences for those found guilty. ‘We take these types of cases very seriously and will do everything in our power to ensure that justice is served,’ Johnson said.

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