A former employee in the furniture industry, Yi He, who worked for Ohio-based Roundhill Furniture for 11 years, has been sentenced to five years in prison for embezzling over $26 million from his employer.
He served as an accountant at Roundhill and was responsible for various financial tasks including payroll, preparing financial statements, and handling taxation requirements. Over the course of four years, from 2018 to 2022, He manipulated bank and financial statements, diverting company funds into his personal and investment accounts. He was also found guilty of wire fraud and filing a false tax return in the U.S. District Court in Columbus.
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He also misappropriated $635,000 from a corporation designed to benefit long-serving employees. Additionally, he filed false tax returns to the IRS, resulting in a tax loss of approximately $6.8 million.
In addition to having to forfeit the luxurious Tesla vehicle and the five years imprisonment, He's sentence also requires him to pay restitution to Roundhill Furniture and the IRS. His actions have had significant financial repercussions for both his employer and the tax authorities.
Source: www.furnituretoday.com