CFO Of Ct-based Company Admits To Embezzling $433K

A former Chief Financial Officer in Connecticut admitted to embezzling nearly $500,000 from his company through a scheme to steal funds from his employer, federal authorities announced.

Three people were charged with money laundering and similar offenses after they were caught manufacturing counterfeit cash in Morris County, authorities said.
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Zak Failla

05/15/2022 11:00 a.m.

Hartford County resident David McManus, age 56, of Granby, pleaded guilty in Bridgeport federal court to fraud and tax offenses stemming from his embezzlement of funds from his former company.

US Attorney Vanessa Roberts Avery said that McManus was the CFO for a Hartford-based company for nearly 14 years.

Between 2012 and 2018, McManus admitted to embezzling approximately $433,584 from the company by using company funds to pay off his personal credit card expenses, and by issuing reimbursements to himself for personal expenses unrelated to the company.

Avery said that McManus also filed federal income tax returns that omitted the embezzled income for the 2015 through 2018 tax years, resulting in a tax loss of $104,094 to the IRS.

As part of his guilty plea, McManus also agreed to pay full restitution to his former employer, as well as back taxes, interest, and penalties.

McManus will face up to 20 years in prison after pleading guilty to one count of wire fraud and one count of tax evasion. He is released on a $50,000 bond and is scheduled to be sentenced on Monday, Aug. 8.

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