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$368,783 Pension Theft Gets Teaneck Vending Machine/Jukebox Company Owner 2½ Years In Fed Pen
A well-known Teaneck businessman must spend 2½ years in federal prison for embezzling $368,783 from the employee pension fund of his vending machine and jukebox company, following his sentencing in Newark.
Howard Preschel, 63, who paid five figures two years ago to settle a copyright infringement suit, admitted in federal court in Newark last August that he swiped the money over the course of at least eight years from CMG Vending Inc., which operated, leased, and rented vending machines throughout New Jersey and New York.
Preschel founded and served as the trustee for the pension fund, from…
Teaneck Vending Machine, Jukebox Company Owner Admits Stealing $368,783 From Pension Fund
A well-known Teaneck businessman whose vending machine and jukebox company paid five figures last year to settle a copyright infringement suit admitted Wednesday in federal court in Newark that he embezzled $368,783 from the business' employee pension fund.
Howard Preschel, 63, founded and served as the trustee for the pension fund established by CMG Vending Inc., which operated, leased, and rented vending machines throughout New Jersey and New York, U.S. Attorney Craig Carpenito said.
He began skimming the money from the fund as early as November 2010, and by April 201…
Teaneck Vending Machine/Jukebox Company Owner Stole $186,000 From Pension Fund, Feds Charge
A well-known Teaneck businessman whose vending machine and jukebox company paid five figures last year year to settle a copyright suit embezzled $186,123 from his employees’ pension fund, a federal indictment alleges.
A U.S. District Court judge ordered Howard Preschel, 62, remain free on $100,000 unsecured bond after he surrendered to federal authorities on Tuesday, U.S. Attorney for New Jersey Craig Carpenito said.
Preschel served as a trustee for the pension trust fund created by CMG Vending Inc., which operated, leased, and rented vending machines throughout New Jersey an…
Feds: Teaneck Vending Machine/Jukebox Company Owner Stole $186,000 From Employee Pension Fund
A well-known Teaneck businessman whose vending machine and jukebox company paid five figures earlier this year to settle a copyright suit embezzled $186,000 from his employees’ pension fund, federal prosecutors charged.
Howard Preschel, 62, began skimming the money from a trust fund at CMG Vending Inc. five years ago, U.S. Attorney Craig Carpenito said Friday.
CMG -- which Preschel founded -- operated, leased, and rented vending machines throughout New Jersey and New York, Carpenito said.
“To conceal the ongoing embezzlement, Preschel failed to inform the participants and beneficiaries tha…
