Former President Of Linens Supply Company Admits Using Corporate Credit Card To Steal $245,000
NEWARK, N.J. – A Sewell, New Jersey, man and the former president of a linens supply company today admitted defrauding his employer of $245,000 that he disguised as legitimate business expenses, Acting U.S. Attorney William E. Fitzpatrick announced.
Michael A. Vicchairelli, 62, pleaded guilty before U.S. District Judge Renee Marie Bumb in Camden federal court to an information charging him with one count of wire fraud.
According to documents filed in this case and statements made in court:
Between January 2012 and August 2014, while he was the president of the victim company, Vicchairelli used his corporate American Express Card for personal unauthorized expenditures, including costs related to gentleman’s lounges, escorts, auto repairs and restaurants. Vicchairelli then submitted reimbursement claims to the company for these expenses.
To conceal the fraud, Vicchairelli instructed company employees to hide these personal charges by coding them within the company’s ledger system as legitimate business expenses, such as maintenance, tolls, and delivery charges. Overall, Vicchairelli received at least $245,000 in reimbursements and other unauthorized payments from the company.
The wire fraud charge carries a maximum potential penalty of 20 years in prison and a $250,000 fine. As part of his plea agreement, Vicchairelli has agreed to pay restitution to the victim company. Sentencing is scheduled for Jan. 22, 2018.
Acting U.S. Attorney Fitzpatrick credited special agents of the FBI, under the direction of Special Agent in Charge Timothy Gallagher in Newark, with the investigation.
The government is represented by Assistant U.S. Attorney Sammi Malek of the U.S. Attorney’s Office Criminal Division in Newark.
Defense counsel: Michael J. Engle Esq., Philadelphia