BOSTON – The former finance director of a Florida-based company pleaded guilty to embezzling more than $5.7 million from his employer.
According to the Massachusetts Department of Justice, Paul Schnitzer, 51, of Clermont, Fla., pleaded guilty to wire fraud. U.S. District Court Judge Leo T. Sorokin scheduled sentencing for May 6, 2025. Schnitzer was first charged in May 2024, indicted by a grand jury in June 2024, and detained in October 2024 after violating his conditions of pretrial release.
Between January 2022 and May 2024, Schnitzer made more than 100 transfers out of his employer’s operating bank account into an investment account he controlled, disguised as “equity distributions.” To hide these transfers, Schnitzer falsified financial reports to the Massachusetts-based investment firm that owned the company. Schnitzer also secretly used a line of credit to replenish the balance in the company’s operating account after he had stolen from it…