Employee Cheated Company Out of $220K, Prosecutor Says

A Fort Lee man is facing charges he used a private company he created to bilk his employer for nearly a quarter of a million dollars, according to law enforcement officials. 

Basil Karatzas, 46, was charged with one count of theft by deception Bergen County Prosecutor John L. Molinelli announced Tuesday. 

Officials say Karatzas, an appraiser for Compass Maritime Services since 2005, formed his own company by the name of Mytilana Holding Ltd. in 2010.

“Karatzas had fraudulently sent invoices for the work payable to Mytilana Holding Ltd. that he had done on behalf of Compass Maritime Services,” the prosecutor said in a statement Tuesday. “Karatzas fraudulently submitted more than 100 invoices for a total loss of $220,000.” 

Compass Maritime Services is a Teaneck company specializing in the sale, purchase and valuations of ships and off shore vessels worldwide.

According to the prosecutor’s office Karatzas is scheduled for a first appearance in Bergen County Central Municipal Court on Wednesday.