RI Tech Company Controller Sentenced to Prison for Embezzling Over $500K
Saturday, July 20, 2019
A controller at Providence-based Walco Electric Company was sentenced to federal prison for embezzling over $500,000 from the company, announced U.S. Attorney Aaron Weisman.
The company describes itself as "Walco is a diversified high-technology company that specializes in the optimization of rotating electro-mechanical apparatus and automated process equipment. With 87 years of experience, we have grown to become one of the largest automation engineering and industrial service companies in the country."
Jill Martinho, 43, was sentenced on Friday to 33 months in prison and ordered to pay back more than a half-million dollars that she embezzled from the business.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTShe was also ordered to pay the IRS over $185,000 in back taxes.
The sentencing comes after Martinho pled guilty to wire fraud and willfully making a false tax return on April 1, 2019.
Martinho had been employed by Walco Electric Company since 2005.
The Investigation
According to information presented to the Court, Martinho was entrusted by the owner of Walco Electric to manage all of the company’s finances, including signing company checks, managing bank accounts, borrowing on the company’s line of credit, payroll, and creating monthly financial statements.
Martinho was also authorized to purchase supplies necessary for the company with the use of personal credit cards.
She perpetrated the fraud by obtaining reimbursement twice for some purchases and by obtaining reimbursement for completely fictitious expenses.
According to the U.S. Attorney, from May 2015 through February 2018, although Martinho was entitled to reimbursements from the company totaling approximately $459,224, based on her fraudulent claims, including the use of fraudulently created card statements, she received approximately $1,017,295 from the company, causing the company a loss of approximately $557,974.
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