Former Pitman Executive Pleads Guilty
CAMDEN, NJ—The former CFO of then-Harold M. Pitman Co., a Totowa, NJ-based graphic arts and printing supply company, pleaded guilty to wire fraud and tax evasion in connection with a $2 million embezzlement scheme, U.S. Attorney Paul J. Fishman's office announced.
John Eichner, 49, of Montvale, NJ, entered his guilty plea before U.S. District Judge Jerome Simandle in federal court here Nov. 9.
In all, Eichner confessed to embezzling more than $2 million, and purposefully failed to report the illicit proceeds of his scheme to the IRS.
The charge of wire fraud carries a maximum potential penalty of 20 years in prison and a fine of $250,000, or twice the aggregate gain or loss. The charge of tax evasion carries a maximum penalty of five years in prison and a $250,000 fine.
The Pitman Co. assets were acquired earlier this year by Agfa Graphics. PI