James Shea forged CFO's signature, authorities say
NEW YORK -- A former insurance company executive from Paramus was sentenced recently to 18 months in prison for his role in a multimillion dollar embezzlement scheme, the U.S. Attorney for the Southern District of New York said Thursday.
During a nearly two year span beginning in January 2012, James Shea, 49, repeatedly forged the signature of the company's chief financial officer in order to authorize payments for consulting work that was never performed. The money, totalling about $2.6 million, was paid to companies controlled by Eugene Fallon, 52, of Nanuet, N.Y., who then kicked back about two-thirds of the funds to Shea. Shea spent the money on personal items including luxury cars and an expensive home, authorities said.
Fallon was sentenced to three months in prison after pleading guilty in November to one count of wire fraud. Shea also pleaded guilty to one count of wire fraud that month.
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