Tuesday, September 26, 2023
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CFO Accused of Embezzling $5.7 Million

MANHATTAN (CN) - The CFO of a moving company embezzled $5.7 million from the business and spent $590,000 of it on a coin collection and $70,000 on Thomas Kinkade paintings, federal prosecutors say in a criminal complaint.

The United States accused Gregg S. Pierleoni of mail fraud and wire fraud, in Federal Court.

He was CFO of a privately held moving company based in Westchester County from 1987 until April 2013, according to an affidavit from an FBI agent attached to the two-count complaint.

After Pierleoni left the company and moved on, his successor found that he had used company money to pay personal expenses, according to the affidavit.

In fact, he swiped more than $5.7 million, the FBI agent says. Of that, according to the affidavit, he spent more than $590,000 on collectible coins, more than $136,000 on art from a California gallery, more than $75,000 on state income and property taxes on two homes, more than $70,000 on Thomas Kinkade paintings, and more than $40,000 on jewelry.

The FBI agent said he interviewed Pierleoni, who told he that "he had not been living within his means for the last four to five years."

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