CFO of Libertyville Company Faces Federal Wire Fraud Charges

The former chief financial officer of a Libertyville-based automobile parts company has been indicted on federal fraud and money laundering charges for embezzling $700,000 in company funds, prosecutors said. Michael Puglisi is accused of writing fraudulent corporate checks to three shell companies that he created, according to an indictment returned Tuesday in U.S. District in Chicago. Puglisi, who was CFO of the Libertyville-based company at the time, gave the shell companies with names that closely resembled or were identical to the names of actual vendors of the auto parts company, the indictment states. Puglisi, 63, of Lisle, deposited checks from the auto parts company into bank accounts he opened in the names of the shell companies, and then transferred the money to his personal bank or investment accounts, according to court documents.

Puglisi is charged with four counts of wire fraud and three counts of money laundering, prosecutors said Thursday.

An arraignment for Puglisi has not yet been scheduled.

According to the charges, Puglisi’s fraud scheme began in 2013 and continued until earlier this year. Puglisi allegedly made false entries in the auto parts company’s accounting reports and financial statements in order to conceal his theft.

As a result of his actions, Puglisi caused a loss to the company of at least $700,000, the indictment states.

Each count of wire fraud is punishable by up to 20 years in prison, while each money laundering count carries a maximum sentence of ten years.

PHOTO VIA SHUTTERSTOCK