Teaneck Man Admits To Embezzling From Employee Pension Fund

TEANECK, NJ—A 63-year-old Teaneck man admitted Wednesday that be embezzled more than $368,000 from a pension fund set up for employees at his vending machine company, according to authorities.

Howard Preschel pleaded guilty before a federal judge in Newark federal court to one count of embezzlement and faces up to 5 years in prison, along with a $250,000 fine,U.S. Attorney Craig Carpenito said.

While serving as a trustee for the CMG Vending Inc. Pension Trust Fund, Preschel made 52 separate illegal withdrawals or transfers amounting to $368,783 between Nov. 2010 and April 2018, Carpenito said.

As a result of the illegal withdrawals and transfers, the trust fund lost an additional $93,267 in interest, he said.

“As part of the plea agreement, Preschel agreed to make restitution to the trust fund in the amount of $462,050. Preschel also agreed to a debarment which prohibits him from acting as a fiduciary on behalf of any employee benefit plan for a period of 13 years,” Carpenito said.

Preschel will be sentenced on Nov. 13.