Mark Angarola, a former tech company executive, has been sentenced to a 38-month stint in prison after pleading guilty to an embezzlement and tax evasion scheme that not only bilked his employer out of millions but also shortchanged the IRS. According to a release from the U.S. Attorney's Office for the Southern District of New York, the fraudulent activities resulted in an $8.3 million loss to the unnamed tech company and a $668,000 loss to the Treasury.
The scheme operated from about May 2010 through February 2019, during which time Angarola, who held a high-ranking position within an IT services company, spearheaded the embezzlement operation that illicitly lined the pockets of himself, his family, and his friends. According to court proceedings, he flagrantly took advantage of his role to arrange employment for unqualified acquaintances and siphon off funds through falsified expenses. This practice led, to Angarola directing payments for non-existent services such as restaurant meals, hotel stays, and even a cruise.
Beyond the embezzlement, Angarola was also involved in tax evasion. He indulged in a lavishly inappropriate lifestyle, managing to evade taxes over a span of four years, two of which he did not even file tax returns, as detailed in the indictment. "For four years, ANGAROLA failed to declare to the IRS the income he derived from his embezzlement scheme," the U.S. Attorney's Office noted, quantifying the tax loss at approximately $668,000.
Now handed a 38-month prison sentence, Angarola, 52, of Point Lookout, New York, faces additional penalties including three years of supervised release, and is ordered to forfeit a total of $2,679,445.26 and pay restitution amounting to $9,023,444.96. The case was brought to a close thanks to the combined efforts of the FBI, IRS-Criminal Investigation, and the U.S. Department of Labor – Office of Inspector General, with Special Assistant U.S. Attorney Jorge Almonte and Assistant U.S. Attorney Timothy V. Capozzi taking point on the prosecution.
