News and Press Releases

Montgomery Accountant Pleads Guilty to Embezzling $440,000 from Client

August 29, 2012

Montgomery, Alabama - Jon Harvey Deal, age 54, of Montgomery, entered a guilty plea today to a one-count felony information charging him with securities fraud arising out of his embezzlement of approximately $440,000 in client funds, U.S. Attorney George L. Beck, Jr., announced today.

According to court records, Deal was a certified public accountant and an investment advisor registered with the United States Securities and Exchange Commission. Deal managed the finances of a Montgomery woman in her mid-80’s (“Client”), who held substantial assets in an account at Charles Schwab & Co., Inc. Deal was an authorized signatory on the Schwab Account and had access to checks that could be written against funds in the account. From in or about October 2008 through in or about October 2011, unbeknownst to Client, Deal embezzled funds from the Schwab Account in the total amount of approximately $440,000, which he accomplished by writing checks against the account. Deal used the proceeds to pay personal expenses and to pay the expenses of a restaurant business in which he had an interest. The Client was reimbursed for the loss.

When he is sentenced later this year by United States District Judge Myron H. Thompson, Deal faces a statutory maximum penalty of 20 years imprisonment. United States Magistrate Judge Wallace Capel, Jr. released Deal on a $25,000 unsecured bond pending sentencing.

The case was investigated by the Secret Service and is being prosecuted by Assistant United States Attorney Andrew O. Schiff.


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