Salem Man Sentenced to Eight Years for Embezzlement | Financial Buzz

Salem Man Sentenced to Eight Years for Embezzlement

Steven Nygren, 51, a Salem resident, pleaded guilty in 2017 on embezzlement of almost $800,000. He stole the money from Brooklin Boat Yard, a boat builder in Maine. Nygren was sentenced on May 25 to almost eight years inside the federal correctional system. John Woodcock, a US District Court Judge, told the convict to report to the concerned federal correctional facility by July 20. Nygren will start to serve the 95-month long imprisonment in that prison.

Sentence disparity

The attorney hired by Nygren wanted a 20-month sentencing. The broad disparity in the sentencing request was one of the few reasons the sentencing was delayed. Nygren pleaded guilty in June 2017 to all charges relating to credit card and bank fraud. He was also convicted of tax evasion. A total of 65 counts were placed against him. The sentencing Judge said that he has taken into account the sophisticated chicanery Nygren used to steal the money. Woodstock also concluded that the accused was exaggerating his sickness after he suffered a stroke so that the proceedings could be delayed. Nygren suffered a stroke in 2016.

Nygren was hired by Brooklin Boat Yard in 2016 as the company consultant. He quickly rose through the company ranks, becoming the chief financial officer (CFO) in 2014. His employment record shows his dishonesty. Nygren wrote about 63 checks drawn from company accounts. The total value of the checks came to $732,000. He used company credit card to pay about $62,000 to clear his personal expenses. He even purchased Brooklin's General Store, a historic and landmark property.

Embezzlement expert

Nygren will be on supervised release after he serves that time. He was also ordered to pay about $815,000 as restitution to his former employer. He will also have to pay $6,500 as a special assessment, as per records held by the court.

The convict used the misappropriated funds to support his gambling habit. The money went to finance a $70,000 wedding for his daughter. A few money went to meet personal expenses. The Judge, during sentencing, had strong words for the accused. Woodcock said that he hoped to find some bit of goodness in Nygren, but found none. He said that the convict was so criminal that he would take advantage of anybody to further his own ends. Woodcock said the defendant has an excellent mind but also has one black heart.