NEWARK, N.J. (AP) - A former publication company executive admitted Monday that he embezzled more than $48 million from the firm and used the money for personal expenses, federal prosecutors said.
Nestor Charriez, 60, of Scotch Plains, pleaded guilty to wire fraud. He faces up to 20 years in prison when he’s sentenced May 11.
Charriez was a longtime senior employee at the New Jersey-based company, which prosecutors did not identify. His responsibilities included overseeing and managing its payroll, which was handled by an outside contractor.
From at least 2002 through June 2019, Charriez embezzled millions of dollars through unauthorized “bonus” payments to himself, prosecutors said. He submitted false payroll instructions to the contractor, indicating that he was entitled to massive bonuses - hundreds of thousands of dollars at a time - which his employer had not approved.
Specific details on how Charriez spent the money were not disclosed.
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