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Ex-executive gets prison term for embezzling nearly $14M

October 12, 2018

NEWARK, N.J. (AP) — A former executive who embezzled nearly $14 million from a New York-based hospitality company has been sentenced to nearly four years in federal prison.

George Dfouni received a 46-month sentence Friday. The 47-year-old Wayne, New Jersey man had pleaded guilty in January to wire fraud and tax evasion.

Prosecutors didn’t identify the company where Dfouni served as chief operating officer. 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 his employer, taking about $13,807,034 overall. Prosecutors say he used the stolen funds to support his lavish lifestyle and gambling expenses.

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