A Philadelphia man was sentenced to eight and a half years in prison for using PayPal to embezzle a huge amount of cash from his Florham Park employer, the U.S. Attorney for Eastern Pennsylvania said in a statement.
Peter Goodchild, 56, carried out the scheme for a decade beginning in 2005, when he opened an account using the electronic payment service in the name of his employer, QwikSource, a computer consultancy.
Goodchild, who was employed as a bookkeeper, transferred money from QwikSource to the PayPal account, then transferred the money again to a PayPal account belonging to his girlfriend before transferring the money to his personal bank accounts.
Goodchild covered his tracks with financial entries on files he maintained for QwikSource listing false prices for goods that were higher by the same amount that Goodchild stole, authorities said.
Goodchild was found guilty in April of 48 counts of wire fraud, 10 counts of money laundering, six counts of filing false tax returns and one count of aggravated identity theft.
All told, he netted nearly $1.6 million, authorities said. In addition to his prison sentence, Goodchild has been ordered to make restitution for the amount he stole.
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