Hospitality company executive admits embezzling nearly $14M
Jan. 24, 2018
NEWARK, N.J. (AP) — Federal prosecutors say an executive with a New York-based hospitality company embezzled nearly $14 million.
George Dfouni pleaded guilty Wednesday to wire fraud and tax evasion. The 47-year-old Wayne man faces up to 25 years in prison when he's sentenced April 30.
Prosecutors didn't identify the company where Dfouni served as chief operating officer from 1996 through 2015. They say it owns and operates hotels in New York and New Jersey.
From 2007 through September 2015, Dfouni negotiated multiple contracts with two other companies. Each contract included a signing bonus for Dfouni, who had the two companies send their payments directly to him in New Jersey.
Dfouni skimmed some of the contract payments due to his employer, taking about $13,807,034 overall. Prosecutors say he used the stolen funds to support his lavish lifestyle and gambling expenses.