Dive Brief:
- The former CFO of a Pennsylvania company owned by a Chicago-area entity was convicted of eight counts of wire fraud after embezzling more than $1 million from the entity to purchase luxury items, according to a Monday press release from the U.S. Attorney’s Office for the Northern District of Illinois.
- During Tina Feuerstein’s tenure as finance chief, she used a company credit card over a period of five years to purchase items for personal use including luxury furniture and designer apparel, as well as everyday expenses.
- A federal jury found Feuerstein guilty on all eight counts on April 9 after a four day trial in a Chicago U.S. District Court. Each count of wire fraud carries a maximum sentence of 20 years in federal prison, according to the Monday announcement. U.S. District Judge LaShonda A. Hunt set Feuerstein’s sentencing date for Aug. 26.
Dive Insight:
Feuerstein, 53, served both in the accounting department and as CFO for York Wallcoverings, according to a previously redacted indictment filed in the U.S. District Court for the Northern District of Illinois.
York Wallcoverings is a subsidiary of York Design Group, a home décor and furnishing company created by a merger between the wall covering company and Brewster Home Fashions in 2021 after both were purchased by private equity group Industrial Opportunity Partners, according to a page on the company’s website.
From a period beginning around November 2016 through around February 2023, Feuerstein during her tenure as finance chief at York Wallcoverings — also referred to as “Company A” in court documents — misappropriated approximately $1.09 million in company funds through more than 3,800 fraudulent purchases made through an American Express company card, according to the indictment…