A Riverside man was sentenced to two years in prison on Friday for embezzling hundreds of thousands of dollars from his company to pay for lavish personal expenses, including Coachella tickets, a home gym and a hot tub.
Matthew P. Hernandez, 46, is a former executive of Networks 2000 Inc., a small technology company based in San Diego. He was tasked with managing payroll, accounts payable, and employee bonuses; Instead, federal prosecutors claimed he devised a plan to transfer money to his personal accounts.
After pocketing more than $350,000 in company funds over hundreds of transactions and a seven-year period, Hernandez pleaded guilty to fraud fraud in August in the US District Court for the Southern District of California. The conviction also provided for a mandatory restitution of $356,644.46 to the company.
Beginning in 2000, Hernandez maneuvered multiple schemes to obtain unauthorized funds for personal use, according to the indictment. As a manager, he made direct deposits from the company’s checking account to pay off personal credit card debt and used corporate credit cards to purchase luxury items, including a $3,500 hot tub and a $1,000 watch.
“These thefts are devastating to small businesses,” said US Atty. said Randy Grossman in a press release. “That’s an important phrase that I hope will alert other would-be thieves to the serious consequences of stealing from your employer.”
Patrick Swan, Assistant US Attorney, and Andrew Byrd, Hernandez’s attorney, could not be reached for comment.
https://www.latimes.com/california/story/2022-04-04/he-bought-a-hot-tub-coachella-tickets-with-a-company-credit-card-now-prison He bought a hot tub and Coachella tickets with company money. Now he’s going to jail