Former Credit Repair Company CEO Pleads Guilty To Theft Charges

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Fulton County District Attorney Paul L. Howard, Jr. on Friday announced a conviction by guilty plea in the theft case against a former CEO.

During plea proceedings before Fulton County Superior Court Judge Jerry Baxter, 33-year-old Matt Ryncarz pleaded guilty to five counts of theft by taking, 11 counts of theft by taking by fiduciary and 17 counts of forgery in the first degree for “stealing hundreds of thousands of dollars from his company in the span of less than a year,” the DA’s office said in a press release.

Ryncarz was employed as president and CEO of eCredable, a company created to help clients strengthen their credit standing.

In his role, Ryncarz secured investors and funding. However, he concealed many of those investments from his business partners, the DA’s office stated. Ryancarz typically deposited investment checks into the company account and then diverted the funds for personal use. He was able to conceal his fraudulent activity by fabricating bank statements for his partners’ review.

Ryancarz’s theft totaled more than $400,000, and spanned the course of eight months between 2009 and 2010. By the time his crimes were discovered, only $.27 remained in the business account. Ryncarz was terminated following the discovery of his theft. He subsequently launched another company, which he still owns, selling negative ion bracelets.

Following last month’s plea, Ryncarz was sentenced to 30 years probation and ordered to pay full restitution in the amount of $412, 499. Of that amount, Ryncarz was ordered to pay $250,000 within seven days of sentencing or face a prison term of ten years.

According to additional terms of his plea agreement, Ryncarz may not hold a fiduciary position nor is he allowed to solicit or handle money for anyone outside of his family. He must also perform 1,000 hours of community service while on probation.

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