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Norwalk Man Gets Two Years Behind Bars For Embezzling $800K, Evading Taxes

A Norwalk will serve prison time for embezzling over $800,000 from two companies he worked for and failing to pay federal taxes.
A Norwalk will serve prison time for embezzling over $800,000 from two companies he worked for and failing to pay federal taxes. Photo Credit: File

NORWALK, Conn. — A 64-year-old Norwalk man will spend two years behind bars for embezzling over $800,000 from two local businesses and evading federal taxes for four years, according to prosecutors. 

Mark W. Errico was sentenced Tuesday by U.S. District Judge Stefan R. Underhill in Bridgeport. He will also serve three years of supervised release and pay over $900,000 in restitution, back taxes and fines, said U.S. Attorney for Connecticut Deirdre M. Daly.

According to court documents and statements made in court, for 20 years, Errico worked for the owner of two companies located in Norwalk, handling the companies’ finances, including payroll, bank accounts, accounts payable and accounts receivable. 

From February 2011 to March 2014, Errico embezzled $823,476.22 from the two companies. He transferred the stolen funds to pay his personal credit card debts. He also forged the signature of the companies’ owner on company checks and cashed them or made them payable to his own company and deposited them into his company’s business account.

For the 2011 through 2014 tax years, Errico attempted to evade paying federal taxes on $851,076.22 of unreported income, which resulted in a total tax loss of $265,326.

As an example, for tax year 2013, Errico filed a federal individual tax return for himself in which he stated his taxable income for 2013 was $31,200. The tax return failed to report $536,434.50 in money he stole from the two Norwalk companies.

He was ordered to pay $649,346.09 in restitution to the two companies, and $265,326 in back taxes, plus penalties and interest, to the IRS.

On April 24, he pleaded guilty to one count of the interstate transportation of money obtained by fraud and one count of tax evasion.

Errico, who is free on bond, was ordered to report to prison on Oct. 18.

The case was investigated by the Internal Revenue Service – Criminal Investigation Division, U.S. Secret Service and Connecticut Financial Crimes Task Force. The case was prosecuted by Assistant U.S. Attorney Peter S. Jongbloed.

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