Woman sentenced for embezzlement scheme, fraudulent loan application

FLORIDA – A Florida woman has been sentenced for an embezzlement scheme against her former employer and submission of a fraudulent CARES Act loan application, said the U.S. Attorney’s Office for the Southern District of Florida (USAO).

Jennifer Pamela Izzo, 35, of Coral Springs, was sentenced last week to 51 months in prison for embezzling $94,500 from her former employer, a trucking maintenance company based in Fort Lauderdale. She also exploited her position at the company when filing a COVID-19 assistance loan on its behalf, attempting to fraudulently divert government funds for her own personal benefit, said the USAO.

Although the loan was never granted, Izzo reportedly stood to gain as much as $150,000 in additional illicit funds, the USAO said.

According to prosecutors, in August 2019, the auto-maintenance company hired Izzo as its financial bookkeeper, entrusting her with direct access to the vendor accounts and the company credit cards, including the cards issued in the names of individual employees. However, from October 2019 through April 2020, Izzo is said to have orchestrated a sophisticated scheme to defraud her employer by creating fictitious vendor accounts that she secretly controlled.

Throughout her employment, she carried out dozens of unauthorized transactions using the company’s credit cards, re-routing the stolen funds from the fake vendors and ultimately into her own bank account, said the USAO.

During the COVID-19 pandemic, Izzo was asked to file an Economic Injury Disaster Loan (EIDL) on behalf of the company, seeking federal funds to help cover its payroll expenses.

“But rather than listing the company’s bank account in the unsuccessful application, Izzo listed her own personal bank account as the intended beneficiary,” said the USAO.

Izzo pled guilty on December 20, 2022, to two counts of wire fraud and one count of aggravated identity theft.

While awaiting sentencing, Izzo’s bond was revoked. She was remanded into federal custody when the district court found probable cause to believe that Izzo had stolen money from another company that had just recently hired her, the USAO said.

In addition to her sentence, Izzo has been ordered to pay back in the form of restitution all the $94,500 stolen from her previous employer.

U.S. Attorney Markenzy Lapointe for the Southern District of Florida, Special Agent in Charge Rafael Barros of the U.S. Secret Service (USSS), Miami Field Office, and Chief of Police Patrick Lynn of the Fort Lauderdale Police Department (FLPD) announced the sentence imposed by U.S. District Robin L. Rosenberg.

USSS Miami and FLPD investigated the case with assistance from the Small Business Administration Office of Inspector General (SBA-OIG). Assistant U.S. Attorney Eduardo Gardea Jr. prosecuted the case.  Assistant U.S. Attorneys Emily Stone and Sara Klco are handling asset forfeiture.

Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov under case number 22-cr-60155.