Former Exec Admits To Stealing $1.3M From Toll Global Forwarding Through Invoice Scam
TRENTON, N.J. (CBSNewYork/AP) — The former director of finance for a Middlesex County-based integrated logistic services company has admitted stealing more than $1.3 million from the firm through an elaborate false invoicing scheme, federal prosecutors said.
Karen Sipes, 40, of Brick, pleaded guilty Tuesday in federal court to wire fraud for her theft from Toll Global Forwarding, a multi-national company based in Carteret. Sipes faces up to 20 years in prison when she’s sentenced July 29 and also will have to pay restitution.
As part of her guilty plea, she is required to pay restitution of the full $1.3 million.
Sipes was responsible for entering vendor transactions and invoices into TGF’s accounts payable accounting system and paying those vendors by preparing checks from TGF.
Sipes identified vendors with a high number of transactions and invoices, then created and entered fake transactions and invoices for them, preparing checks payable to herself, proseuctors said.
You May Also Be Interested In These Stories
- Bergen County Initiative Aimed At Reducing Pedestrian Fatalities
- Long Island Man Accused Of Burglarizing At Least 16 Businesses
- 1 Man Dead, 2 Injured In East Williamsburg Shooting
- NJ Priest Expected To Plead Not Guilty To Charges Of Pointing Gun At Child
(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)