A federal judge in North Carolina has sentenced a company’s former chief financial officer for stealing money from his firm, Insurance News Net reports.
62-year-old Samuel Allen Mouzon, who was CFO for a company in High Point, North Carolina for about 20 years, was given a sentence of 41 months in prison.
Prosecutors said Mouzon embezzled about $2,038,285 for his own personal benefit, including purchases for himself and his family, without the company’s knowledge or approval. The fraudulent conduct occurred during a period between 2018 and 2021 when the firm had received about $750,000 in federal pandemic relief funding.
Among the purchases Mouzon made with the ill-gotten gains were two residences and two building lots in Lexington, North Carolina, a condominium in North Myrtle Beach, South Carolina, two Jeep Wranglers, a GMC Yukon Denali, two boats, two jet skis, a Polaris four-wheeler, and two golf carts, according to court records. The United States forfeited those items during civil and administrative proceedings.
“Corporate executives who steal from their employers will be prosecuted in the Middle District of North Carolina, where our prosecutors will seek active prison sentences,” said U.S. Attorney Sandra J. Hairston. “With the unprecedented flow of federal dollars used to support businesses during the pandemic, the need for these prosecutions has never been greater.”
Mouzon pleaded guilty on June 29 to wire fraud, a violation of Title 18, United States Code, Section 1343.
Along with the prison time, Mouzon was ordered to pay $2,038,285.66 in restitution to his company and an insurance company from which the victim company recovered a portion of the total loss. He also was ordered to serve three years of supervised release and to pay a $5,000 fine and a special assessment of $100.
The attorneys at Hyman Cotter PC have decades of experience dealing with securities fraud cases and have a deep understanding of how capital markets and financial service firms are intended to work to protect investors. If you think your financial professional or firm engaged in misconduct that caused you investment losses, contact Hyman Cotter PC at 312-291-4600 or through our online contact form for a no-cost evaluation of your matter.
