A former CPA from Clovis has admitted to a hefty financial misdeed, acknowledging his role in a bank larceny that resulted in stealing over $800,000, the U.S. Attorney's Office disclosed. Kenneth Gould, 68, accepted the consequences of his actions in a federal court, stating his guilt in carrying out several fraudulent transactions between October 2017 and March 2018.
Gould, who ran a payroll service company, maneuvered illicit transfers from a client’s bank account to his company's account. As per the U.S. Attorney's Office, these transactions were followed by quick withdrawals using cashier's checks, exploiting the interim period before the bank could confirm the funds. In what became a fleeting financial juggling act, the bank eventually caught on to the insufficient funds meant to cover the payments, attempting to recoup its losses, only to find the well had run dry.
The investigative efforts spearheaded by the Federal Bureau of Investigation led to the illumination of this fraudulent episode. Assistant U.S. Attorney Joseph Barton is handling the prosecution, presenting the case that not only exposed the fraudulent scheme but also revealed its unfortunate downstream effects, with the implicated client squandering the embezzled money on gambling.
Gould is scheduled for sentencing on June 2, facing a substantial penalty for his actions. U.S. District Judge Jennifer L. Thurston will determine the outcome, which could be up to 10 years behind bars and a fine of a quarter of a million dollars. These numbers stand as mere placeholders until the court deliberates, taking into consideration the statutory factors and the Federal Sentencing Guidelines.
