Accountant Sentenced to 29 Months in Prison for Embezzlement and Tax Evasion

Strategic Insights -

San Francisco native Stephanie Simontacchi was sentenced to 29 months in prison for her role in embezzling credit union funds and evading taxes. As an accountant at Cavallo Point Lodge and Redwood Credit Union, Simontacchi had access to sensitive financial information and used her position to steal millions of dollars from her employers. The sentence was handed down by U.S. District Judge William H. Orrick, who also ordered Simontacchi to pay at least $821,525.52 in restitution.

Key Takeaways:

  • Stephanie Simontacchi, a 48-year-old accountant, was sentenced to 29 months in prison for embezzlement, bank fraud, and tax evasion.
  • Simontacchi worked at Cavallo Point Lodge and Redwood Credit Union, where she used her position to steal approximately $821,525.52 from her employers.
  • Between 2012 and 2016, Simontacchi stole 81 accounts payable checks from Cavallo Point Lodge, totaling $384,363.28.
  • From 2016 to 2019, Simontacchi embezzled and misapplied approximately 35 checks from Redwood Credit Union, totaling at least $437,162.24.
  • Simontacchi attempted to evade income tax by filing false tax returns from 2014 to 2020, causing a total tax loss of over $100,000.
  • Simontacchi pleaded guilty to one count of each crime, including bank fraud, misapplication and embezzlement of credit union funds, and tax evasion.
  • Assistant U.S. Attorneys Amani S. Floyd and Kristina Green prosecuted the case, which was investigated by the FBI and IRS-CI.

Statistics:

  • Simontacchi stole and embezzled at least $821,525.52 from Cavallo Point Lodge and Redwood Credit Union.
  • Simontacchi deposited the stolen funds into her personal bank and credit card accounts.
  • The total tax loss from Simontacchi's misconduct was over $100,000.
  • Simontacchi was sentenced to 29 months in prison, followed by three years of supervised release.

Sources:

  • U.S. Attorney's Office, Northern District of California
  • Federal Bureau of Investigation (FBI)
  • Internal Revenue Service-Criminal Investigation Division (IRS-CI)