Woman Faces Sentencing In County Court For Lush Lifestyle Financed By Embezzlement

SANTA CLARA COUNTY, CA – A San Francisco woman who embezzled more than $3.2 million from a San Jose bank and spent the money on lavish purchases is set for sentencing today, according to the Santa Clara County District Attorney's Office.

Susan Magley, 61, is facing six months in jail for stealing the money from Bridge Bank between 2010 and 2012 through fake financial reports for a temp company she ran, prosecutors said.

The reports included inflated figures and made it appear Magley was making a profit, but the company lost $1.2 million within the two-year period, according to prosecutors.

In June, Magley pleaded guilty to felony grand theft and is scheduled for sentencing at the Hall of Justice in San Jose this afternoon.

She spent most of the money on vacations, meals and shopping sprees at high-end department stores Barneys New York and Neiman Marcus, prosecutors said.

Magley also spent $6,250 in rent and $600 on dry cleaning each month, according to prosecutors.

"It doesn't matter if she stole it from a bank or a widow," Santa Clara County Deputy District Attorney Victor Chen said."She lived an extravagant lifestyle funded solely with stolen money," Chen said.

The scam was uncovered through an audit at the end of 2012, prosecutors said.

Magley gave herself a salary of more than $2 million, as well as bonuses and loans without interest from the company in the three years before the business folded in 2013, according to prosecutors.

She was arrested on Sept. 17, 2015, after investigators who reviewed her personal bank accounts and other financial records found she was consistently transferring $30,000 from the company to herself, prosecutors
said.

She moved the funds around in secret bank accounts, some of which were overseas. When Magley filed for bankruptcy, she didn't provide the trustee reviewing her petition with information on the accounts, prosecutors said.

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