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Financial Firm Worker Gets Jail For Fraud

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DALLAS (AP) – An employee of a Dallas-based financial firm has been sentenced to more than four years in prison for trying to embezzle nearly $1.3 million.

A federal judge in Dallas on Thursday sentenced Steven Chen Yu of Allen to 51 months behind bars. Yu, who last July pleaded guilty to wire fraud, must also pay $365,000 in restitution.

Prosecutors say Yu was working for Hudson Advisors LLC when he diverted funds by submitting duplicate invoices for work already paid for on behalf of a Hudson executive, such as landscaping and boat repairs. The case goes back to 2009.

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

Yu must report to prison next month.

(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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