Michigan CPA to serve up to 20 years for embezzlement

An accountant from Kalamazoo, Michigan, has been sentenced to pay $3 million in restitution and to serve five to 20 years in prison for embezzlement from clients.

An attorney representing one of the victims of Wesley C. Vande Streek, 53, called him “a predator of the worst kind,” during sentencing April 26th in Kalamazoo County Circuit Court on four counts of embezzlement, the Kalamazoo Gazette reported.
 
Victims also spoke. Steve Morgan, the son of Carol Morgan who lost almost $1.1 million, told the judge that Vande Streek called his parents “mom and dad,” and visited them regularly. “He has done his best to ruin my mother's life.” Morgan's father died in 2006 after being diagnosed with Alzheimer's disease. “This has been a great betrayal,” Carol Morgan said.
 
The newspaper quoted Allan Lapekas, whose mother lost hundreds of thousands of dollars to Vande Streek: “You are the scum that Tidy Bowl cleaner can't reach,” he said. “You make [convicted Ponzi schemer] Bernie Madoff look good. I don't remember hearing about him going to old-folks homes to rip the elderly off.”
 
WWMT TV News reported that most of the victims were ill and elderly. State police say he lost more than $2.5 million in day trading.
 
Vande Streek in January pleaded no contest to two counts of embezzlement of $100,000 or more and one count each of embezzlement of $20,000 to $50,000 and of $1,000 to $20,000. Five other counts of embezzlement were dismissed as part of a plea agreement, the newspaper reported.
 
Related articles:

You may like these other stories...

Boehner addresses GOP priorities ahead of midterm electionsHouse Speaker John Boehner (R-OH) on Thursday delivered what amounted to closing arguments ahead of the November elections, laying out a list of Republican...
As anyone who's ever been through a divorce can attest, the pain of parting with your spouse isn't just emotional—the fallout from divorce can wreak financial havoc as well long after the dust in the courtroom...
Former DOJ Tax Division head Kathryn Keneally joining DLA Piper in New YorkGlobal law firm DLA Piper announced on Thursday that Kathryn Keneally, the former head of the US Justice Department Tax Division, is joining the firm...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.