Former CFO at Middleborough Company Sentenced for Embezzlement
BOSTON — The former Chief Financial Officer of Middleborough's Alden Shoe Company was sentenced Wednesday for embezzling around $30 million from the firm over eight years.
Richard Hajjar, 64, of Duxbury, was sentenced to more than five and a half years in prison and three years of supervised release after pleading guilty in May to wire fraud, unlawful monetary transactions and filing a false tax return.
He was also ordered to pay over $33.9 million in restitution and forfeiture of $27.3 million.
According to the U.S. Attorney's Office, Hajjar embezzled funds from the company from at least 2011 through October 2019, when he was fired.
He wrote checks and transferred funds to himself and to another person from company bank accounts, embezzling a total of around $30 million.
The U.S. Attorney's Office said Hajjar used the funds to enrich himself and buy gifts and luxury travel, including private flights to the Caribbean and diamond jewelry.
He also failed to pay over $5.1 million in taxes to the Internal Revenue Service by not reporting the embezzled proceeds on his tax returns between 2014 and 2019.