Powell man sentenced to 5 years for embezzling more than $26 million from employer

Yi He, 36, will have to pay restitution to his former employer, to the IRS and forfeit his Tesla as part of the sentencing.COLUMBUS, Ohio — A Powell man was sentenced to five years in prison for embezzling more than $26 million from his employer in Columbus., 36, will have to pay restitution to his former employer, to the IRS and forfeit his Tesla as part of the sentencing, according to U.S. Attorney Kenneth Parker.

Court documents say He was a longtime employee of a furniture company that provides furniture to retailers like Wayfair, Overstock, Kohl's, Walmart and Ashley. He was responsible for payroll and payroll tax-related duties for the company. From 2018 to 2022, He embezzled money from the company's bank account into his own personal and financial investment accounts. He submitted false and fraudulent bank and financial statements to the company's leadership to remain undetected.

He also helped oversee an employee incentive LLC that rewarded company employees with 10 or more years of service. He embezzled from the LLC's bank accounts. For example, in one wire transfer in April 2022, he paid himself $200,000 by falsely categorizing the transfer as"Rent." In total, he stole $635,000 from the LLC.

He also failed to accurately report his income to the IRS from 2018 to 2021, causing a total tax loss of about $6.8 million.Stay up to date on what's happening in your community with a 24/7 live stream and on demand content from 10TV — available on featuring the best stories, personally curated by members of our staff and delivered via email by 6 a.m., Monday through Friday.WBNS would like to send you push notifications about the latest news and weather.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Silver Price Analysis: XAG/USD aims to recapture 11-month high slightly above $26Silver price (XAG/USD) extends its upside to $25.70 in Thursday’s European session.
Source: FXStreetNews - 🏆 14. / 72 Read more »

Ribbon cutting ceremony for new $26 million Fairfax apartment complex“We’re going back to the future here in Fairfax,” said Cleveland council president Blaine Griffin. “Doing things the way it used to be, where this neighborhood is a proud neighborhood.”
Source: cleveland19news - 🏆 70. / 68 Read more »

Shop This Viral Dry Shampoo Powder For Just $26Refresh your hair on the go with the help of this $26 dry shampoo from The Rootist. Read on for more information.
Source: usweekly - 🏆 390. / 55 Read more »

$26 million in 'unnecessary liquidations' hit Blast-based lender Pac FinanceAn Aave fork on Blast unexpectedly updated its liquidation threshold, causing a large swatch of liquidations.
Source: TheBlock__ - 🏆 464. / 53 Read more »

7 Must-Buy Bathing Suits at Amazon, Starting at $26 and UpAmazon has an extensive range of bathing suit options, from bikinis to one-pieces. Shop them starting at $20.
Source: StyleCaster - 🏆 104. / 63 Read more »

Amazon’s Best New Spring Dresses Include Flowy Maxis and Comfy T-Shirt Styles From $26Amazon is overflowing with new spring dresses, and shoppers love these top five styles most. Snag flowy midis, floral maxis, and chic minis for as low as $26.
Source: InStyle - 🏆 103. / 63 Read more »