Executive Who Embezzled $48 Million Gets 75-Month Sentence

NEWARK, N.J. (AP) — A former publication company executive was sentenced to more than six years in prison Monday in a $48 million embezzlement plot.

A federal judge sentenced Nestor Charriez to 75 months and also ordered him to pay $43 million in restitution.

The 60-year-old Scotch Plains resident pleaded guilty last year to one count of wire fraud. Charriez worked for Hoboken-based Harrison Scott Publications, a publisher of business news.

According to the U.S. attorney’s office, Charriez's responsibilities included overseeing and managing its payroll, which was handled by an outside contractor.

From at least 2002 through June 2019, Charriez embezzled millions of dollars through unauthorized “bonus” payments to himself, prosecutors said. He submitted false payroll instructions to the contractor, indicating that he was entitled to massive bonuses — hundreds of thousands of dollars at a time — which his employer had not approved, prosecutors said. Specific details on how Charriez spent the money were not disclosed.

Robert Stahl, an attorney representing Charriez, said in an email Monday that his client had an addictive disorder that manifested as an obsessive-compulsive need to acquire things of value.

“He is a good husband, father and grandfather who deeply regrets his actions and the effects that his actions have had on so many people close to him, particularly his employers and co-workers,” Stahl said.