| A former accountant for an investment advising company was recently charged and arrested in connection with embezzling nearly $3.4 million from his employer.
Gary Tiffany II was charged in a criminal complaint with bank fraud, wire fraud and engaging in illegal monetary transactions.
According to the complaint, from June 2010 to November 2015, Tiffany was employed as an accountant and office manager by an investment advisor company with domestic offices in Boston and New York City. During that time, Tiffany obtained more than $3.38 million from the company by wiring funds from its accounts into his personal accounts and forging checks from the company’s accounts payable to himself. As alleged in the complaint, the company discovered Tiffany’s theft after he was downsized in fall of 2015. When he was confronted by the company’s executives, he allegedly admitted to transferring about $1 million from the company to himself and spending it.
He faces up to 30 years in prison, five years of supervised release, a fine of $1 million and restitution for bank fraud. The charge of wire fraud carries a sentence of up to 20 years in prison, three years of supervised release, a fine of $250,000 and restitution. If sentenced for engaging in illegal monetary transactions, Tiffany faces up to 10 years in prison, three years of supervised release, a fine of $250,000 and restitution.
