Former Chief Financial Officer Pleads Guilty In Manhattan Federal Court To Defrauding Former Employer Of Over $2 Million
Geoffrey S. Berman, the United States Attorney for the Southern District of New York, announced today that RANDY WANG pled guilty to defrauding his former employer, a company based in Manhattan that manages a global airline alliance whose members consist of approximately 13 international airlines and their affiliates (the “Company”), by incurring more than $2.2 million in unauthorized charges on the Company’s credit card account. WANG pled guilty to one count of wire fraud before U.S. District Judge John F. Keenan.
U.S. Attorney Geoffrey S. Berman said: “As he admitted in court today, Randy Wang took advantage of his position at a major New York-based company to charge millions of dollars’ worth of nonbusiness purchases on the company’s credit card. He now awaits sentencing for the theft and deceit that victimized his own employer.”
According to allegations contained in the Information filed against Wang and statements made in related court filings and proceedings:
During the relevant time period, WANG was employed as a business manager for the Company, and for approximately the last two months of the scheme, WANG also served as the Company’s interim chief financial officer. From at least in or about January 2016 through in or about October 2017, RANDY WANG, the defendant, incurred more than $2.2 million of unauthorized charges on the Company’s credit card account, by making hundreds of purchases at both online and brick-and-mortar retailers. WANG’s purchases, which were entirely unrelated to his official duties and were not for the benefit of the Company, included approximately 443 laptop computers, 241 mobile electronic devices, 24 tablet computers, and numerous other electronics. In order to evade detection of his criminal conduct, WANG made changes to the Company’s accounting records to disguise the nature of the credit card charges.
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WANG, 34, of Bayside, Queens, pled guilty to one count of wire fraud, which carries a maximum sentence of 20 years in prison and a maximum fine of $250,000, or twice the gross gain or loss from the offense. The maximum potential sentence in this case is prescribed by Congress and is provided here for informational purposes only, as any sentencing of the defendant would be determined by the Court.
Mr. Wang’s sentencing is scheduled for September 5, 2018, at 11:00 a.m.
Mr. Berman praised the work of Homeland Security Investigations and the El Dorado Task Force.
This case is being handled by the Office’s Securities and Commodities Fraud Task Force. Assistant U.S. Attorney Christine I. Magdo is in charge of the prosecution.