Chief financial officer indicted on charges that he embezzled $5.7M

The former chief financial officer of a Larchmont moving company who has been accused of embezzling $5.7 million and spending the money on collectible coins, artwork by Thomas Kinkade and Connecticut state income and property taxes, has been indicted in federal court.

Gregg Pierleoni, 59, of New Fairfield, Conn., left Collins Brothers Moving Corp. in April, after which his successor discovered broad evidence of theft at the company, where Pierleoni had worked for 26 years, according to a complaint unsealed Oct. 16 in U.S. District Court in White Plains. From 2006 to the time he left, Pierleoni, through a series of account transfers, used company credit cards to pay for a wide range of personal expenses, according to the complaint.

The expenses ranged from the extravagant — including $590,000 for coins from the New York Mint, $40,000 in jewelry and $136,000 for artwork from a Manhattan fine-art photographer — to the mundane, like home-equity loan payments.

Pierleoni met with investigators after the thefts were uncovered, admitted taking $500,000 in company funds in the prior two years and that he had been living beyond his means for several years, according to the complaint. He later said he had sold the coins and some of the artwork for a fraction of what he had paid and against the advice of his lawyer, apparently because of cash-flow issues.

Pierleoni was first interviewed by FBI agents in July; he met with them again Oct. 7 and was taken into custody nine days later.

On Thursday, an indictment was filed in U.S. District Court in White Plains charging Pierleoni with one count of wire fraud and one count of mail fraud, crimes that could put him behind bars for up to 40 years.

He remains free on $750,000 bail. Neither Pierleoni nor his lawyer could be reached for comment.

John Bailey, Collins Brothers’ lawyer, declined to elaborate much on the allegations in October, citing the ongoing legal process, but said that “in excess of” $5.7 million was involved and that the company hoped to recoup some of the money through criminal forfeiture proceedings.

U.S. Attorney Preet Bharara said that Pierleoni “abused the trust” of his employers.

“He now faces having to pay the real price for that lifestyle,” Bharara said.

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