In a significant turn of events for the Bay Area seafood industry, Antonietta Nguyen, the former Chief Financial Officer of ABS Seafood, was convicted on multiple criminal charges. As per the U.S. Department of Justice, Nguyen faced accusations of executing an elaborate embezzlement and money laundering scheme, draining over $9 million from her employer through several deceitful tactics.
The federal jury’s decision came after a two-week trial presided over by Senior U.S. District Judge Susan Illston. Nguyen, who also held minority shares in the company, utilized a company credit card and bank account to fund an array of personal extravagances, including luxury goods, property taxes, and tuition fees. The prosecution presented evidence that the fraudulent activities went unchecked from January 2014 to May 2020, with roughly $2.7 million in company funds misappropriated directly by Nguyen for personal use.
Nguyen's manipulation extended beyond personal credit card abuse, involving her family members in a scheme that inflated invoices through Pescaderia Pacifica International, Inc. The elaborate plot ensured ABS was billed more than double the actual cost for imported seafood, procuring a hefty sum for her family. Some of this sum was wired back to U.S.-based bank accounts in the names of Nguyen's spouse and daughters. This facet of the scheme was intricately laid out during the trial.
"The defendant devised multiple ways to defraud her business partners of several millions of dollars and got away with it for over six years. She exploited her position of trust in order to fund a lavish lifestyle for herself and her family members," United States Attorney Craig H. Missakian stated, per the U.S. Department of Justice. In addition to the embezzlement charges, Nguyen was guilty of willful tax evasion for underreporting taxable income in 2018 and 2019.
Sailaja M. Paidipaty and Colin Sampson, Assistant U.S. Attorneys, prosecuted Nguyen’s case with support from various legal and investigative assistants. The investigation leading to the conviction involved the concerted efforts of the FBI and IRS-CI, highlighting the commitment to diligently prosecuting those who engage in financial exploits.
