FREEHOLD – The chief financial officer at a Wall-based construction company is charged with embezzling over $660,000 from the company over a two-year period for his own personal benefit, announced Monmouth County Prosecutor Christopher J. Gramiccioni.
Officials say Mr. Kenneth Schwarz, 69, of Howell, a 25-year employee of the Wall-based construction company, was charged Monday with second degree Theft and fourth degree Falsifying Records.
According to officials, the charges stem from a joint investigation by the Monmouth County Prosecutor’s Office and Wall Township Police Department.
The investigation determined that, between January 2016 and December 2018, Schwarz embezzled over $660,000 by depositing checks from the company’s bank account into his personal bank account and concealed the theft by falsifying the company’s records.
If convicted of the second degree offense, Schwarz faces up to 10 years in a New Jersey state prison.
If convicted of the fourth degree offense, he faces up to 18 months in state prison.
The case is assigned to Monmouth County Assistant Prosecutor Joshua D. Detzky.
Despite these charges, every defendant is presumed innocent, unless and until found guilty beyond a reasonable doubt, following a trial at which the defendant has all of the trial rights guaranteed by the U.S. Constitution and State law.