North Bay accountant sentenced to 29 months in prison for bank fraud, embezzlement of credit union funds and tax evasion in schemes to defraud Cavallo Point Lodge and Redwood Credit Union | USAO-NDCA

SAN FRANCISCO — Stephanie Simontacchi was sentenced to 29 months in prison for bank fraud, embezzlement of credit union funds and tax evasion in schemes to use her access as an accountant to enrich herself at the expense of two former employers, said U.S. Attorney Stephanie M. Hinds, Sean Ragan, Special Agent in Charge of the Federal Bureau of Investigation, and Mark H. Pearson, Special Agent in Charge of the IRS Criminal Investigations Division (IRS-CI). The sentence was handed down by the Hon. William H. Orrick, U.S. District Judge.

According to her plea agreement, Simontacchi, 48, of Petaluma, was employed as an accountant and comptroller at Cavallo Point Lodge (CPL), a hotel near Sausalito, Calif., from December 2009 to April 2016. While employed at CPL, Simontacchi had access to CPL’s accounting records systems and had signing authority over CPL’s bank accounts. Simontacchi admitted that between October 2012 and March 2016, she used her accounting skills and access to CPL’s accounting systems to steal approximately 81 accounts payable checks issued by CPL and accounts receivable checks intended for CPL. Simontacchi deposited the checks into his personal bank accounts for his own personal gain. Simontacchi admitted in his plea agreement that his misrepresentations and statements caused the financial institutions to part with approximately $384,363.28 belonging to CPL.

Additionally, Simontacchi admitted that between April 2016 and April 2019, she was also employed as a senior accountant and accounting manager at Redwood Credit Union (RCU), a credit union, where she was responsible for processing canceled bank checks. and other accounting related items. tasks for the credit union. Simontacchi admitted to using his position to misappropriate and misapply approximately 35 checks, including void bank checks returned to RCU by its members, U.S. Treasury checks, and state of California checks intended for RCU. She deposited the checks into her personal bank and credit card accounts for her personal use and used the funds to make payments on a personal home equity line of credit. Together, the checks amounted to at least $437,162.24.

Additionally, Simontacchi admitted that between 2014 and June 2020, she attempted to evade and defeat the income tax she owed. Specifically, she had false tax returns prepared and filed for the 2013-2019 calendar years. Simontacchi admitted that the total tax loss resulting from his misconduct was over $100,000.

On June 24, 2021, a federal grand jury indicted Simontacchi on seven counts of bank fraud, violating 18 U.S.C. § 1344(2); seven counts of misuse and embezzlement of credit union funds, violating 18 USC § 657; and four counts of tax evasion, in violation of 26 U.S.C § 7201. Pursuant to his plea agreement, Simontacchi pleaded guilty to one count of each crime and agreed to pay at least $821,525.52 in restitution .

In addition to the prison sentence, Judge Orrick ordered Simontacchi to serve three years of supervised release beginning after his prison sentence. Judge Orrick ordered Simontacchi to surrender on or before August 11, 2022 to begin serving his prison sentence. The court has not yet scheduled a hearing to make a final decision on restitution.

Assistant U.S. Attorneys Amani S. Floyd and Kristina Green are pursuing the case. The case was investigated by the FBI and the IRS-CI.

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