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Former CFO accused of embezzling $3.5M from real estate firm

On Sept. 7, it was reported that a New York man was charged with embezzlement after he was accused of stealing approximately $3.5 million from a Manhasset real estate firm. According to the allegations, the accused man spent the money to fund a lavish lifestyle, which included paying for luxury items and real estate.

According to the report, the accused man was the chief financial officer of The Mulholland Group between 2015 and 2018. An investigation was begun by federal prosecutors after the man was accused of spending $145,000 on unauthorized personal expenditures between January 2018 and August 2018. Following the investigation, it was believed that he began fraudulently transferring money from the company's bank account to Southgate Holding, a personal entity, in December 2015.

He was ultimately charged in a federal court in Central Islip. In a statement, the accused man's attorney said that the allegations were just that and that potential charges would be addressed in the future.

When a person is charged with embezzlement, the authorities will be required to prove that the the person took ownership of the stolen funds that were placed in his or her trust. As such, an attorney may provide a strong defense against white collar crime charges by challenging some or all of the evidence the prosecution may bring against the accused person. This may be done by opening a separate, independent investigation into the allegations and the gathering of any documents or other evidence that may be associated with the case.

Source: Long Island Business News, "Former real estate firm's CFO charged with $3.5M embezzlement", Adina Genn, Sept. 7, 2018

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