Sex Addiction Drives Florida CPA to 'Moral and Ethical Bankruptcy'

Small businesses, elderly investors, a church group and the Palm Beach County Police Benevolent Association were among the victims of a scheme that paid for the sex addiction of a Broward County certified public accountant, the Sun-Sentinal reported.

Thomas E. Sewell was sentenced Monday in Fort Lauderdale by U.S. District Court Judge James Cohn to more than three years in prison and ordered to make $7 million in restitution.

Sewell pleaded guilty in June to conspiring to commit mail fraud, after facing charges he convincing his accounting customers to invest in the bogus Landmark Investment Trust and covering up the commissions he made by filing phony tax returns, the Sun-Sentinal reported.

Hundreds of investors bought into the scheme, which was headed by Myles Farrington, who was sentenced to 54 months in prison earlier this year for his role in the scheme. Investors believed their money would be safe in mutual funds and other investments. Instead, Farrington spent his take on luxury items.

Sewell admitted he tricked people into investing in the offshore investment scheme and used more than $100,000 of his proceeds to pay for lap dances and call girls, hiding the activities from his first and second wives, court documents confirmed.

Sewell and his attorney, speaking at Friday's sentencing, told the court he was a sex addict with "an insatiable need for cash to fulfill his illness."

"This is not a pretty picture, but it is accurate and sad," Sewell's attorney Joel Hirschhorn wrote. The sex addiction drove Sewell "to moral and ethical bankruptcy," the lawyer argued. "Cash became his God."

You may like these other stories...

AgFeed agrees to pay $18 million to settle SEC accounting fraud caseMichael Rapoport of the Wall Street Journal reported on Monday that AgFeed Industries Inc. has agreed to pay $18 million to settle US Securities and...
Many accountants struggle with payroll, either because they have too much of it or they don't want to do any of it. Either way, they are at odds with the needs of their business clients. Most clients are looking for a...
Hertz and Icahn make peaceThere won’t be any nasty, protracted proxy battle between Hertz Global Holdings and activist investor Carl Icahn. The rental car chain agreed last Thursday to give Icahn – who has...

Already a member? log in here.

Upcoming CPE Webinars

Sep 18
In this course, Amber Setter will shine the light on different types of leadership behavior- an integral part of everyone's career.
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 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.