Teaneck Man Gets 2.5 Years In Prison For Embezzling

TEANECK, NJ—A 63-year-old Teaneck man was sentenced to two-and-a-half years in state prison after admitting he embezzled more than $368,000 from a pension fund set up for employees at his vending machine company, according to authorities.

On Tuesday, Howard Preschel’s sentencing in Newark federal court also included three years of supervised release and an order for him to pay restitution in the amount of $464,049, ,U.S. Attorney Craig Carpenito said.

Preschel pleaded guilty in August to one count of embezzlement and faced up to five years in prison.

See Related: Teaneck Man Admits To Embezzling From Employee Pension Fund

According to authorities, 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.

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

As part of a plea agreement, 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.