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Dallas Financial Firm Worker Guilty Of Fraud

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DALLAS (AP) – An employee of a Dallas-based financial firm has pleaded guilty to trying to embezzle nearly $1.3 million through bogus invoices and tax fraud.

Prosecutors in Dallas say Steven Chen Yu Allen pleaded guilty to wire fraud and faces up to 20 years in prison. He also could have to pay restitution. No sentencing date was immediately set Tuesday for Yu, who worked for Hudson Advisors LLC.

Prosecutors say Yu since 2009 diverted funds by submitting duplicate invoices for work already paid for on behalf of a Hudson executive, such as landscaping and boat repairs.

Yu also diverted funds and made an advance “estimated tax payments” for his own future state income taxes in Massachusetts. Prosecutors say Yu then sought a refund.

Further details on the Massachusetts case weren’t immediately available.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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