Oklahoma City woman pleads guilty to embezzling more than $1M
An Oklahoma City woman has pleaded guilty to embezzling more than one million dollars from a local company.
OKLAHOMA CITY (KFOR) - An Oklahoma City woman has pleaded guilty to embezzling more than one million dollars from a local company.
According to the United States Department of Justice, 45-year-old Stephanie Fannin pleaded guilty to a one-count felony for wire fraud.
Officials say information was filed against Fannin on April 12. The information filed says Fannin allegedly served as the office manager of General Lighting and Sign Services (GLSS) from 2018 until April 2021.
As officer manager, officials say Fannin had full access to GLSS's operating account and handled accounts payable and receivable for the business' transactions. Fannin also made and distributed invoices, tracked licenses of employed contracted workers, and handled the payroll of GLSS employees.
On Wednesday, May 3, Fannin pleaded guilty to the information, according to the Dept. of Justice. She admitted that between 2018 and April 2021, she issued around 294 unauthorized checks made payable to her drawn on the company's operating account, and deposited the checks into her personal bank account.
Officials say Fannin then admitted that she used computer software to make it seem like the unauthorized checks were made to GLSS's vendors. She admitted that she embezzled around $1,432,260.03.
The Dept. of Justice says that at sentencing, Fannin faces up to 20 years in federal prison, a fine of $250,000.00, and 3 years of supervised release. Fannin will also be commanded to pay restitution to the victim company.
A sentencing hearing will be arranged in roughly 90 days.