David Smerling, 74, an attorney from Lexington, Massachusetts, has been indicted by a federal grand jury for embezzling over $2.5 million from three companies, the U.S. Attorney’s Office for the District of Massachusetts announced.
Smerling, who worked as a bookkeeper for the businesses between January 2016 and May 2020, was charged with three counts of wire fraud and two counts of money laundering. According to the indictment, he transferred funds into a bank account under his control, originally belonging to one of the victims, and then moved the stolen money into his own accounts.
To conceal his scheme, Smerling allegedly changed the mailing address for the victims’ bank statements to his own home address and prevented the victims from accessing their online banking passwords.
If convicted, Smerling faces up to 20 years in prison for wire fraud and money laundering, along with potential fines and restitution. The wire fraud charge includes penalties of up to $250,000 or twice the amount of the loss, while the money laundering charge could result in a fine of up to $500,000 or double the value of the laundered property.
