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Employee Benefits Security Administration

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$368,783 Pension Theft Gets Teaneck Vending Machine/Jukebox Company Owner 2½ Years In Fed Pen $368,783 Pension Theft Gets Teaneck Vending Machine/Jukebox Company Owner 2½ Years In Fed Pen
$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…

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by Jerry DeMarco