Former Accountant Sentenced to 29 Months in Prison for Bank Fraud and Tax Evasion

Strategic Insights -

Stephanie Simontacchi, a 48-year-old accountant from Petaluma, California, was sentenced to 29 months in prison for her role in schemes to embezzle money from two former employers, Cavallo Point Lodge and Redwood Credit Union, and evade taxes. Simontacchi, who had access to her employers' accounting systems and signatory authority over bank accounts, stole approximately $821,525.52, including $384,363.28 from Cavallo Point Lodge and $437,162.24 from Redwood Credit Union. She also filed false tax returns for the calendar years 2013-2019, causing a tax loss of over $100,000. Simontacchi pleaded guilty to one count of bank fraud, one count of misapplication and embezzlement of credit union funds, and one count of tax evasion.

Key Takeaways:

  • Simontacchi was sentenced to 29 months in prison for her role in schemes to embezzle money from two former employers, Cavallo Point Lodge and Redwood Credit Union, and evade taxes.
  • The total amount of money stolen by Simontacchi is estimated to be $821,525.52, including $384,363.28 from Cavallo Point Lodge and $437,162.24 from Redwood Credit Union.
  • Simontacchi filed false tax returns for the calendar years 2013-2019, causing a tax loss of over $100,000.
  • Simontacchi had access to her employers' accounting systems and signatory authority over bank accounts, which she used to steal money from her employers.
  • Simontacchi pleaded guilty to one count of bank fraud, one count of misapplication and embezzlement of credit union funds, and one count of tax evasion as part of a plea agreement.
  • Simontacchi is required to pay at least $821,525.52 in restitution as part of her sentence.
  • Assistant U.S. Attorneys Amani S. Floyd and Kristina Green are prosecuting the case, while the case was investigated by the FBI and IRS-CI.

Statistics:

  • $821,525.52: Total amount of money stolen by Simontacchi.
  • $384,363.28: Amount of money stolen from Cavallo Point Lodge.
  • $437,162.24: Amount of money stolen from Redwood Credit Union.
  • 7: Number of counts of bank fraud Simontacchi was charged with.
  • 7: Number of counts of misapplication and embezzlement of credit union funds Simontacchi was charged with.
  • 4: Number of counts of tax evasion Simontacchi was charged with.
  • 29: Months of prison time Simontacchi was sentenced to.
  • 3: Years of supervised release Simontacchi is required to serve after her prison term.

Sources:

  • United States Attorney's Office for the Northern District of California
  • Stephanie M. Hinds, U.S. Attorney
  • Sean Ragan, FBI Special Agent in Charge
  • Mark H. Pearson, IRS-CI Special Agent in Charge
  • William H. Orrick, U.S. District Judge
  • Amani S. Floyd, Assistant U.S. Attorney
  • Kristina Green, Assistant U.S. Attorney