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Edited by: TJVNews.com
A New Jersey woman, Stacy Margaritondo, has been charged with embezzling more than $350,000 from a synagogue in Union County, New Jersey. The charges were announced by U.S. Attorney Philip R. Sellinger.
Stacy Margaritondo, 51, of Scotch Plains, New Jersey, faces one count of wire fraud. She appeared before U.S. Magistrate Judge André M. Espinosa in Newark federal court and was released on a $100,000 unsecured bond. The wire fraud charge carries a maximum potential penalty of 20 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense, whichever is greater.
According to court documents and statements made in court, Margaritondo began working at the synagogue in 2010. She was promoted to office manager and bookkeeper in July 2020. Her responsibilities included accounting, bookkeeping, payroll, preparing checks for accounts payable, and reporting the synagogue’s financial condition to its board of directors.
From December 2019 through May 2023, Margaritondo allegedly abused her position of trust by engaging in a fraudulent scheme to misappropriate approximately $350,000 from the synagogue’s accounts. The specific allegations include issuing unauthorized checks. Margaritondo routinely issued unauthorized checks payable to herself, drawn on the synagogue’s bank accounts.
In all, she allegedly issued approximately 55 unauthorized checks, made payable to herself, from the synagogue’s bank accounts, then deposited each of the checks into one of two personal accounts, according to a FBI affidavit. Margaritondo allegedly forged a signature on each check, then endorsed the back of the checks with her own signature.
The other allegation is fraudulent short-term financing. She obtained unauthorized additional funds to conceal the embezzlement scheme by fraudulently using the synagogue’s name, bank statements, and balance sheet to secure short-term financing from cash advance companies. She was also alleged to have falsified records. Margaritondo intentionally kept inaccurate accounting records and altered bank statements that she provided to the board of directors to conceal her fraudulent activities.
If convicted of wire fraud, she would face a maximum potential penalty of 20 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense, whichever is greatest.
While the federal case did not name the synagogue, bankruptcy court records showed a suit filed against Margaritondo by Congregation Beth Israel of Scotch Plains last year.
The Justice Department detailed that “Margaritondo routinely issued unauthorized checks made payable to herself drawn on the synagogue’s bank accounts; obtained unauthorized additional funds to conceal the embezzlement scheme by fraudulently using the synagogue’s name, bank statements and balance sheet to obtain short-term financing from cash advance companies; and intentionally kept inaccurate accounting records and altered bank statements that she provided to the board of directors to conceal her scheme.”
The investigation leading to Margaritondo’s charge was conducted by special agents of the FBI, under the direction of Special Agent in Charge James E. Dennehy in Newark. The Scotch Plains Police Department, under the direction of Chief Jeffrey J. Briel, also assisted in the investigation. The government is represented by Assistant U.S. Attorney Shontae D. Gray of the Economic Crimes Unit in Newark.
It is important to note that the charges and allegations contained in the complaint are merely accusations. Margaritondo is presumed innocent unless and until proven guilty in a court of law. The legal process will determine her culpability and the appropriate penalties, if any.
