Far Hills Man, Executive Of Business Stole $1M To Start Competing Company: AG

FAR HILLS, NJ — A Far Hills man and former vice president of a Monmouth County-based industrial manufacturing company was charged with allegedly stealing more than $1 million to start a competing business, said Acting Attorney General Jennifer Davenport on Tuesday.

Jeffrey Lawrence, 34, of Far Hills, was charged with two counts of theft by unlawful taking (second-degree) and two counts of misconduct by a corporate official (second-degree).

"The defendant’s alleged financial scheme undermines trust in high-level corporate executives and the integrity of business dealings," said Davenport. "These crimes erode the ability of businesses to operate on a level playing field and can lead to increased costs, which can affect us all."

Lawrence is accused of embezzling more than $1 million from the manufacturing company where he served as vice president, treasurer, and corporate secretary.

Lawrence opened other unauthorized bank accounts for the company, and from January to March 2022, he reportedly stole around $1 million. The money was transferred to a second company under his control to start a competing business, according to authorities.

To hide the thefts, Lawrence allegedly created various fake corporate records at both companies, including purchase orders and invoices, to falsely justify the payment of funds between the two companies, according to authorities.

"We allege this individual misappropriated over $1 million from the company that employed him as a vice president, among other high-level roles," said Division of Criminal Justice Director Theresa L. Hilton. "No title or position is above the law. When that is alleged to have been abused, we will pursue accountability."

"The defendant misused a position of trust to allegedly commit financial crimes," said Legal Chief Pablo Quiñones of the Office of Securities Fraud and Financial Crimes Prosecutions (OSFFCP). "This office remains steadfast in its commitment to investigate and prosecute these types of sophisticated, financial crimes."

Lawrence faces up to 10 years in state prison and a fine of up to $150,000 for the second-degree crimes.

The investigation remains ongoing. Anyone with pertinent information is asked to contact the DCJ’s tip line at (800) 277-2427 or the OSFFCP’s complaint email at OSFFCP@njdcj.org.

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