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Posted on Dec 19, 03:06PM | IBNS
Raymond G. Isabella of Salem, Ohio, was sentenced to 70 months in prison and ordered to repay more than USD 1.1 million after previously pleading guilt to one count each of wire fraud, bank fraud, money laundering, and aggravated identity theft, federal officials announced on Tuesday.
Isabella, age 55, was a Certified Public Accountant licensed by the state of Ohio and was the chief financial officer of Intrasee Inc., a privately owned corporation, according to the indictment.
"This defendant abused his position of trust," said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio. "Economic crimes and identity theft threaten our nation, and we will do everything within our power to stop them."
"The Federal Bureau of Investigation is committed to protecting the viability of our businesses and financial institutions by rooting out fraud and theft," said Stephen D. Anthony, Special Agent in Charge of the FBI's Cleveland Field Office.
Beginning in 2010, Isabella, in order to enrich himself, began charging Intrasee approximately USD 335,000 in excessive accounting fees.
In May 2011, Intrasee's owners discovered that Isabella had charged Intrasee excessive accounting fees and confronted Isabella.
Isabella arranged for Intrasee to obtain loans from Huntington National Bank but did not obtain Intrasee's owners' permission or authorization, according to the indictment.
Isabella executed a scheme to defraud Huntington National Bank by obtaining three loans from Huntington National Bank, falsely claiming that the loans had been signed and approved by Intrasee's owners.
Isabella knowingly transferred, possessed, and used the identification of Intrasee's owners without their authority in order to defraud Huntington Bank, according to court documents.
The case is being prosecuted by Assistant U.S. Attorney Matthew B. Kall, following investigation by agents of the Federal Bureau of Investigation, the Internal Revenue Service-Criminal Investigation Division, and the Avon Police Department.