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The former chief financial officer of Market Finders Insurance Corporation has pleaded guilty in federal district court to embezzling nearly $2,000,000 over a two year period, and tax evasion.
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|Diverted funds to husband's business
Sylvia Rebecca Smith, of Louisville, Kentucky, was charged with one count of wire fraud for devising an embezzlement scheme to obtain money from Market Finders and then diverting those funds to PBS Insurance Underwriting Corporation, and two counts of failing to report embezzled funds as income on her tax returns. Prosecutors said that, at the time, Smith was the bookkeeper for PBS Insurance and her husband was the sole owner.
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