Friday, March 29

HP executive spent $5 million with a company card | Digital Trends Spanish

Shelbee Szeto, a former financial planning manager at HP Company, pleaded guilty to charges of wire fraud, money laundering and filing false tax returns stemming from embezzlement of company funds.

According to the United States Department of Justice, the 30-year-old former employee was part of HP from August 2017 to June 2021, first as an executive assistant; then as financial planning manager. During this period she was responsible for paying the suppliers of the technology company.

According to the indictment, the company issued employees business credit cards called purchase cards, or PCards. The firm’s policy stated that they could not be used for personal expenses.

According to prosecutors, Szeto sent payments intended for HP’s business expenses to fake business accounts he created through digital financial firms such as Square, PayPal and Stripe. In her guilty verdict, the former executive acknowledged that she stole at least $4.8 million and that she tried to divert another $300,000.

According to what is stated in the indictment, the woman used the money to buy a Tesla sedan, a Porsche SUV and handbags, wallets, watches, gold necklaces, 26 pairs of earrings and other items from luxury brands such as Dior, Gucci, Rolex and Bulgari.

Shelbee Szeto, a native of Fremont, would be sentenced in July; she risks a 10-year prison sentence and a $250,000 fine for money laundering.

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