The former chief financial officer of a New Jersey orthopedic care provider today admitted stealing over $1 million from the company for his personal use, Acting U.S. Attorney William E. Fitzpatrick announced.
According to authorities, Harry Wolfmuller, 70, formerly of Belmar, New Jersey, pleaded guilty before U.S. District Judge Claire C. Cecchi in Newark federal court to an information charging him with one count of wire fraud.
According to documents filed in this case and statements made in court:
From 2007 through 2015, Wolfmuller was employed as the chief financial officer for “Company A,” an orthopedic care provider with offices in Ocean and Monmouth Counties. As such, Wolfmuller controlled Company A’s bank accounts and financial records.
Wolfmuller cashed checks from Company A’s business accounts to pay for unapproved personal expenses, including meals at restaurants, golf, gambling and lottery tickets. Wolfmuller then misrepresented the nature of these transactions in Company A’s accounting records to make them appear as legitimate business expenses. Altogether Company A lost approximately $1,175,720 as a result of Wolfmuller’s conduct.
The wire fraud charge carries a maximum potential penalty of 20 years in prison and a $250,000 fine, or twice the gain or loss from the offense. As part of the plea agreement, Wolfmuller must pay $1,175,720 in restitution. Sentencing is scheduled for March 13, 2018.