Wellesley Man Pleads Guilty to Defrauding Shareholders of Nearly $600,000

WELLESLEY, MA – A Wellesley man was sentenced to 10 years probation this week after admitting guilt in a scheme to defraud shareholders of close to $600,000.

Paul Pyzowski, 50, pleaded guilty in Middlesex Superior Court to charges of fiduciary embezzlement, larceny over $250 by embezzlement and money laundering.

In February of 2013, Westborough-based Pall Corporation acquired Boston Microsystems in Woburn. Pyzowski was serving as stockholder representative on the deal, according to the Massachusetts Attorney General's office, and was in charge of managing the finances on behalf of all Boston Microsystems shareholders.

Pall Corporation wired $600,000 into the shareholder bank account controlled by Pyzowski, who confirmed to shareholders that the funds had been received and would be distributed, the attorney general said. After months went by and the funds had not been properly distributed, an investigation was launched into the account.

According to the attorney general's office, 20 unauthorized wire transfers totaling $587,250 were made from the shareholder account into Pyzowski's personal and business accounts.

Per his sentencing, Pyzowski must also pay monthly restitution to the victims.

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