Guilty fraud plea in $5.6M Vegas embezzlement

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LAS VEGAS (AP) -- A Las Vegas man has pleaded guilty to fraud charges in connection with the embezzlement of $5.6 million from the prominent builder of residential high-rises in the Vegas area over nearly five years.

U.S. Attorney Daniel Bogden says Rocco Lazazzaro pleaded guilty Monday to conspiracy to commit wire fraud at the Florida-based Turnberry Associates.

He says Lazazzaro personally was responsible for stealing about $3.7 million from the company that owned or developed the Residences at MGM, Town Square shopping center and the Stirling Club in Las Vegas, among others.

Ex-Turnberry controller Hope Ippoliti also pleaded guilty in March to conspiracy to commit wire fraud. Her sentencing is set for July 11 and Lazazzaro's for Aug. 22.

Each faces up to 20 years in prison and a $250,000 fine.

I guess I can understand how a company of that size could be embezzled for that amount. I don't understand how a new small business like the one in the following article can be embezzled for $500,000 in the first several years of operation. I'm pretty sure it's in the "Starting a small business handbook" that you must keep close tabs on where your cash is going in the beginning. Oops, there I go blaming the victim again. Silly me.

https://www.lasvegassun.com/news/2013/may/09/embezzler-gets-prison-term-ordered-repay-506000-el/#axzz2UAQUrNWl