Former Finance Director Pleads Guilty of Stealing Nearly $3 Million
Curtis D. Anderson, a former accountant and head of finance for the venerable Black collegiate fraternity Kappa Alpha Psi, pleaded guilty for theft of company funds on Tuesday.
When asked about his involvement in stealing company money to feed a gambling habit while suffering from a drinking problem, Anderson, 59, of Claymont, Del., didn’t answer.
There Are Almost 125,000 Members in the Organization.
On Tuesday, efforts to find Kappa Alpha Psi officials on North Broad Street in Philadelphia were ineffective.
With over 125,000 members and 700 chapters nationwide, the fraternity also has sections in Nigeria, the West Indies and South Africa.
The Santander Bank Issued a Warning to the Fraternity.
Anderson allegedly began stealing money from the fraternity in June 2012 by cashing checks that he either typed in his own name or falsified signatures on.
Santander Bank had flagged the unusual transactions in 2018 and issued a warning to the financial community.
He encashed 78 deceptive checks at Santander Bank and 40 at Wells Fargo Bank, according to Assistant US Attorney Mary Crawley, who testified before the judge.
The company suspended in December 2018 when members of the fraternity learned of the theft of funds and confronted him.
He then confessed to his bosses that he had a gambling and drinking problem, and that he had lost all his money at Harrah’s.
The company appointed Anderson as financial director in October 2020.
Mr. Anderson Was Found Guilty at Court
The court found Anderson guilty of four charges of wire fraud and one count of severe identity theft during a hearing on Tuesday.
He cooperated with the investigation, but the court ruled out the his guarantee of sentence.
Savage has scheduled Anderson’s sentence for February of next year, allowing him to remain free until then.
Jail Time for Anderson Still Uncertain
Anderson’s punishment remains uncertain despite the court commending him for accepting responsibility and cooperating with the Justice Department.
The judge stated that the maximum sentence could be 82 years in jail and a fine of approximately $1 million.
Guidelines for Sentencing in the United States Call for a sentence of 5 to 6 years in jail.
According to federal sentencing guidelines, a sentence of five to six years in prison is possible.
“He took approximately $3 million from his former employer, who had put him in a position of trust as director of finance,” she said. Crawley then added, “It was a long-running fraud operation to embezzle from his company over many years.” He profited as a result of it.”
Anderson’s lawyer, Brian J. Zeiger, said his client is under therapy for his gambling and drinking issues, calling the incident “tragic.”
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