Former Waltham Company Employee Embezzled $3 Million: DOJ, FBI

WALTHAM, MA — The former executive assistant of a Waltham-based technology company was arrested Wednesday and charged in connection with a fraud and embezzlement scheme that netted her over $3 million, according to the US Attorney's Office and the FBI.

Shivani Patel, 37, of Vineyard Haven, was charged by criminal complaint with one count of bank fraud. If found, guilty she faces up to 30 years in prison. After an initial court appearance Wednedaya, Patel was released from federal custody.

Patel was the executive assistant to the chief financial officer of a Waltham-based technology company, which was not named, where she'd open incoming mail containing customer checks made payable to her employer, record the checks into the payment system, and deposit the checks into her employer’s bank account.

Prosecutors say from at least February 2012 through July 2017, Patel stole funds from her then employer for her personal use.

In February 2012, Patel created a company by taking the name of her employer, and adding an “s” to the end — and opened a business banking account in the sham company’s name.

Prosecutors say she then began taking customer checks payable to her employer out of the mail, depositing those checks into the sham company’s bank account, and concealing her embezzlement by making false entries in her employer’s billing system.

In total, Patel embezzled approximately $3,076,369 from her former employer.

She faces up to 30 years in prison and five years of supervised release, a fine of $1 million, restitution and forfeiture for bank fraud.

Patch reporter Jenna Fisher can be reached at Jenna.Fisher@patch.com or by calling 617-942-0474. Follow her on Twitter and Instagram (@ReporterJenna).