SALT LAKE CITY (ABC4) — Federal prosecutors say a Utah man pleaded guilty Monday to embezzling more than $700,000 from a Montana company.
Thomas Syddall, 50, of American Fork, pleaded guilty to charges of wire fraud and money laundering, according to the U.S. Attorney’s Office District of Montana.
While working for Montana-based Information Technology Corporation between March of 2020 to August of 2021, Syddall stole inventory and embezzled company funds by various means, prosecutors allege.
His schemes included taking company inventory and selling it on eBay, creating fake purchase orders and invoices, and directing payments to made-up companies. Per the charging documents, Syddall embezzled roughly $759,000 in company funds.
Syddall would conceal the transactions, prosecutors said, by laundering the proceeds into third-party accounts and then transferring the money to accounts he controlled.
To cover up the fraud, Syddall allegedly wrote lulling emails to other employees who inquired about discrepancies in his orders and payments.
Sydall, who is not currently in custody, is set to be sentenced in Montana in March. He faces up to 20 years in prison.