Norwalk Man Pleads Guilty to Embezzling Money and Tax Evasion
Deirdre M. Daly, United States Attorney for the District of Connecticut, announced that MARK W. ERRICO, 64, of Norwalk, pleaded guilty today before U.S. District Judge Stefan R. Underhill in Bridgeport to federal embezzlement and tax evasion offenses.
According to court documents and statements made in court, for approximately 20 years, ERRICO worked for the owner of two companies located in Norwalk, handling the companies’ finances, including payroll, bank accounts, accounts payable and accounts receivable. Between approximately February 2011 and March 2014, ERRICO embezzled approximately $823,476.22 from the two companies. ERRICO transferred stolen funds from the companies’ accounts to pay his personal credit card debts, and also forged the signature of the companies’ owner on company checks and cashed them or made them payable to his own company and deposited them into his company’s business account.
For the 2011 through 2014 tax years, ERRICO attempted to evade paying federal taxes on $851,076.22 of unreported income, which resulted in a total tax loss of $265,326.
As an example, for tax year 2013, ERRICO filed a federal individual tax return for himself in which he stated his taxable income for 2013 was $31,200. The tax return failed to report approximately $536,434.50 in money he stole from the two Norwalk companies.
ERRICO pleaded guilty to one count of the interstate transportation of money obtained by fraud and one count of tax evasion. Judge Underhill scheduled sentencing for July 17, 2017, at which time ERRICO faces a maximum term of imprisonment of 15 years.
ERRICO also has agreed to pay $654,546.09 in restitution to the two companies from which he stole money, and he is obligated to pay $265,326 in back taxes, plus penalties and interest, which continue to accrue.
ERRICO was released on bond pending sentencing.
This matter is being investigated by the Internal Revenue Service – Criminal Investigation Division, U.S. Secret Service and Connecticut Financial Crimes Task Force.
This case is being prosecuted by Assistant U.S. Attorney Peter S. Jongbloed.