Belmar Accountant Stole $1,175,720 From Orthopedic Doctors
Harry Wolfmuller, 70, formerly of Belmar, admitting embezzling $1,175,720 over eight years from the orthopedic medical practice where he was Chief Financial Officer, according to an announcement by Acting U.S. Attorney William E. Fitzpatrick.
Wolfmuller pleaded guilty before U.S. District Judge Claire C. Cecchi in Newark federal court to an information charging him with one count of wire fraud.
From 2007 through 2015, Wolfmuller wrote “petty cash” checks on the medical practice’s operating account, usually in the amounts between $500 and $1000 and used the proceeds for personal expenses including including meals at restaurants, golf, gambling and lottery tickets. He misrepresented the nature of the expenses in the company’s accounting records.
On or about July 22, 2015, Wolfmuller sent a wire transfer of misappropriated company funds from his personal bank account in New Jersey to an account owned by a family member in California.
The wire fraud charge carries a maximum potential penalty of 20 years in prison and a $250,000 fine, or twice the gain or loss from the offense. As part of the plea agreement, Wolfmuller must pay $1,175,720 in restitution. Sentencing is scheduled for March 13, 2018.
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Moral of the story: Hire an independent Certified Public Accountant each year to come in and audit your books. Your own accountant will steal a lot less if he knows another accountant will be checking his work in a few months.