A Norwalk man recently pleaded guilty to embezzling money and tax evasion.
According to court documents and statements, Mark W. Errico worked for approximately 20 years as the owner of two companies located in Norwalk, handling the companies’ finances, including payroll, bank accounts, accounts payable and accounts receivable.
Errico embezzled approximately $823,476.22 from the two companies between approximately February 2011 and March 2014. Errico transferred stolen funds from the companies’ accounts to pay his personal credit card debts, and forged the signature of the companies’ owner on company checks. He then cashed them or made them payable to his own company and deposited them into his company’s business account.
Errico tried to evade paying federal taxes for the 2011 through 2014 tax years on $851,076.22 of unreported income, resulting in a total tax loss of $265,326.
Errico pleaded guilty to one count of the interstate transportation of money obtained by fraud and one count of tax evasion. Sentencing is scheduled for for July 17, 2017, at which time Errico faces up of 15 years in prison.
Errico also has agreed to pay $654,546.09 in restitution to the two companies from which he stole money, and he is obligated to pay $265,326 in back taxes, plus penalties and interest, which will continue to accrue.
Errico was released on bond pending sentencing.