Florida man embezzled $5.7M from company he worked as finance director for: DOJ
CLERMONT, Fla. - A Clermont man is accused of embezzling over five million dollars as a finance director of the company he worked for, the Department of Justice said.
Paul Schnitzer, 51, of Clermont, was indicted on one count of wire fraud for embezzling from a Florida-based portfolio company owned by a Massachusetts investment firm.
Records show that between January 2022 and May 2024, Schnitzer allegedly made over 100 transfers disguised as "equity distributions" from the company's operating account into his personal account.
To hide the transfers, Schnitzer allegedly provided falsified financial reports with inflated cash balances for the company to the investment firm. He also is accused of secretly using a line of credit to replenish the company's operating account after he had stolen from it, the DOJ said.
Schnitzer was previously arrested on May 21, 2024.