Crime & Safety
Nassau Accountant Stole More Than $320,000 From Clients: DA
Officials say the accountant embezzled the money over a period of years.
HEMPSTEAD, NY — A Nassau County accountant was arrested today for stealing more than $320,000 from two clients, according to officials.
Francisco Esquivel, 65, of Baldwin, was charged with second-degree grand larceny and four counts of third-degree grand larceny. He was released on his own recognizance and is due back in court on Oct. 14. If convicted of the top charge, he could face up to 15 years in prison.
“This defendant, an accountant, was hired to handle the taxes and payrolls for two clients, but instead allegedly stole more than $320,000 from local businesses,” said Nassau County District Attorney Madeline Singas. “His alleged conduct is especially egregious because not only did he abuse the trust of his clients, but those clients still must pay taxes for the years they were defrauded.”
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Esquivel is the owner of Lore Franc, Inc., an accounting firm in Hempstead. According to Singas, he embezzled $327,499 from two clients between 2012 and 2017. The victims are local business owners who Singas said hired Esquivel to pay their quarterly taxes, Workers Compensation insurance and to manage their payrolls.
The first victim was approached by an employee of Lore Frank in 2015, Singas said, and asked if he had reviewed his bank accounts. The victim discovered that on several occasions between 2012 and 2015, Esquivel made unauthorized cash withdrawals, wrote unauthorized checks to himself or his company and wired money to an account he holds in Colombia. Singas said he stole $295,257
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The second victim found a problem in 2018, Singas said, after they received a notice from the IRS that they owed more than $60,000 in back taxes for 2015. After reviewing their records, Singas said that they found five unauthorized cash withdrawals ranging from $2,480 to $9,308. Singas said that Esquivel stole $35,242 from them. When the victim accused Esquivel of stealing, Singas said that he wrote them a check that then bounced.
Singas said that it was not know what Esquivel spent the money on.
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