Los Aneles, CA (WorkersCompensation.com) - A Long Beach man was sentenced yesterday to 10 years and four months in state prison for embezzling approximately $995,000 from a dozen victims seeking to invest money they received after a workplace accident, the Los Angeles County District Attorney's Office announced.
Deputy District Attorney Lucrezia Pratico said Tom Fallon (dob 7/4/54) pleaded no contest on May 15 to 15 felony counts of money laundering and 10 felony counts of grand theft by embezzlement, and admitted an excessive-taking allegation of more than $100,000.
At sentencing, Los Angeles County Superior Court Judge Daniel Lowenthal also ordered the defendant to pay restitution in the amount of $995,118.48 to the 12 victims.
The defendant, who had his investment company since 2012, used a series of transactions to reroute money that was to be invested, into his own account, the prosecutor said. A couple who was among the victims became aware of the scheme when a check from Fallon was returned due to insufficient funds, the prosecutor added.
The case was investigated by the California Department of Insurance.