Skip to main content
Press Release

Former Executive Sentenced to 75 Months in Prison for Embezzling more than $48 Million

For Immediate Release
U.S. Attorney's Office, District of New Jersey

NEWARK, N.J. – A former executive at a New Jersey publication company was sentenced today to 75 months in prison for embezzling tens of millions of dollars for his own benefit, Acting U.S. Attorney Rachael A. Honig announced. 

Nestor Charriez, 60, of Scotch Plains, New Jersey, previously pleaded guilty before U.S. District Judge Kevin McNulty to an information charging him with one count of devising and carrying out a scheme to commit wire fraud. Judge Kevin McNulty imposed the sentence in Newark federal court.    

According to the charging document and statements made in court:

Charriez was a longtime senior employee of Victim-Company 1, a publication company based in New Jersey. Charriez’s financial responsibilities at Victim-Company 1 included overseeing and managing employee payroll. Charriez would submit Victim-Company 1’s payroll information to an outside payroll company, which would process Victim-Company 1’s payroll requests.   

Beginning as early as 2002 through June 2019, Charriez defrauded Victim-Company 1 by embezzling millions of dollars through unauthorized “bonus” payments to himself. He submitted false payroll instructions to Victim-Company 1’s outside payroll provider, indicating that Charriez was entitled to massive bonuses – hundreds of thousands of dollars at a time – which Victim-Company-1 had not approved. 

Charriez carried out this scheme on numerous occasions over nearly two decades. In total, Charriez stole more than $48 million from Victim-Company 1. Charriez spent the money he stole on personal expenses.

In addition to the prison term, Judge McNulty also sentenced Charriez to three years of supervised release and ordered him to pay restitution of $43.4 million. The court previously entered a forfeiture order of $48 million.

Acting U.S. Attorney Honig credited special agents of the FBI, under the direction of Special Agent in Charge George M. Crouch Jr. in Newark, with the investigation leading to today’s sentencing.

The government is represented by Assistant U.S. Attorneys Heather Suchorsky, Carolyn Silane, and Jonathan Fayer of the U.S. Attorney’s Office Economic Crimes Unit.

Updated October 18, 2021

Financial Fraud
Press Release Number: 21-468