Naperville Man Gets 8 Years In Prison For Wire Fraud

Naperville IL

23 July, 2021

5:31 PM

Description

NAPERVILLE, IL — An accountant from Naperville who stole more than $1.1 million from clients and financial institutions has been sentenced to eight years in federal prison. Paul Eric Collins, 55, pleaded guilty to wire fraud in 2020 after stealing from four employers and three lenders between 2013 and 2018, according to the U.S. Attorney's Office for the Northern District of Illinois. Authorities say Collins wrote checks to himself, his spouse and fake companies he created. According to prosecutors, Collins also used company credit cards for personal expenditures and fraudulently took money out of ATMs, repaying some victims via "Ponzi-type payments" intended to conceal his activity. "Collins stole funds from his employers, even though he knew that they desperately needed those funds to operate their businesses," Assistant U.S. Attorney Jacqueline Stern said in the sentencing memorandum. Stern added, "Collins stole from the victims for his own wholly selfish ends." Collins must also pay a total of $1,159,414 in restitution.