JUNE 17, 2015 LAST UPDATED: WEDNESDAY, JUNE 17, 2015, 1:21 AM
BY HUGH R. MORLEY
STAFF WRITER |
THE RECORD
Authorities on Tuesday accused a Paramus man of participating in a scheme to embezzle $2.6 million from a large international insurance company and using the proceeds to buy a multimillion-dollar house and two luxury cars.
The U.S. attorney for Manhattan charged James J. Shea, 49, of Paramus and Eugene Fallon, 51, of Nanuet, N.Y., with wire fraud, arresting Shea on Tuesday morning. Fallon remained at large late in the day.
Authorities said Shea, an executive at the company, which was not named but was described as “the North American subsidiary of an international insurance company,” forged the signature of his supervisor to “authorize numerous payments to bogus consulting companies that Fallon controlled.”
Fallon then returned two-thirds of the money – about $1.8 million – to Shea, the office of U.S. Attorney Preet Bharara said.
Bloomberg News identified the insurance company as Australia-based QBE Insurance Group Ltd., and it quoted a spokeswoman as saying the company is cooperating with prosecutors.
https://www.northjersey.com/news/business/paramus-man-charged-in-fraud-scheme-1.1356727
Why is these employee embezzlement stories always seem to be people who spend their ill-gotten gains at casinos, on speedboats, and all kinds of frivolous expensive trinkets? It never seems to be because the house was going into foreclosure or a boatload of medical bills.