United States Attorney's Office District of Connecticut
Press Release

WESTPORT ACCOUNTANT ADMITS EMBEZZLING MORE THAN $1.5 MILLION FROM EMPLOYERS

Nora R. Dannehy, Acting United States Attorney for the District of Connecticut, announced that NOEL DESINGCO LARA, 40, last residing on Saugatuck Avenue in Westport, waived indictment and pleaded guilty today before United States District Judge Vanessa L. Bryant in Hartford to one count of interstate transportation of money obtained by fraud arising from his multi-year scheme to embezzle company funds for personal use.

According to documents filed with the Court and statements made in court, from 2002 to 2008, LARA was consecutively employed as an accountant for two Connecticut companies.  LARA’s various responsibilities during this time included managing client escrow accounts, ensuring that vendors received payment for services, and overseeing other aspects of daily accounting, including payroll.  In pleading guilty, LARA admitted that he used company money to fund personal expenses including the purchase of designer watches and clothing, finance payments to motor vehicle companies and investments in stocks.  In perpetuating his fraud scheme, LARA used a company bank account he opened to deposit the victim company funds that he later used for his personal benefit.  LARA concealed records of checks he caused to be issued, forged the signature of a victim company’s Vice President on the checks, and deposited the forged checks into an account that he controlled.  In total, LARA admitted that he used in excess of $1,500,000 of company funds for his personal use.

Judge Bryant has scheduled sentencing for October 17, 2008, at which time LARA faces a maximum term of imprisonment of 10 years and a fine of up to $3.1 million, as well as an order of restitution to his victims.

This matter was investigated by the United States Secret Service and the Westport Police Department, with the assistance of the victim companies.  The case is being prosecuted by Senior Litigation Counsel Richard J. Schechter and law student intern Jane Minerly.

CONTACT:

U.S. ATTORNEY'S OFFICE
Tom Carson
(203) 821-3722
thomas.carson@usdoj.gov