Man Admits He Embezzled $700K from Maine Boatyard

June 23, 2017

A Massachusetts man who worked as a financial manager for a Maine boatyard has admitted to embezzling over $700,000 from the company.

The Portland Press Herald reports 50-year-old Steven Nygren, of Salem, Mass., pleaded guilty to bank fraud, credit card fraud and tax evasion in a Bangor court Tuesday. Nygren faces up to 30 years in prison.

Authorities say Nygren began working for Brooklin Boat Yard in 2013. Prosecutors say from June 2014 to August 2015, Nygren deposited 63 fraudulent checks to a family member’s bank account that totaled $732,000.

Authorities say Nygren used the embezzled funds to maintain a general store and pay for his daughter’s wedding. Prosecutors say the Salem man also charged over $60,000 to a company credit card for sports events and his general store.

Information from: Portland Press Herald

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