A former Kentucky insurance company exec is headed to federal prison for more than three years after being convicted of tax evasion and embezzlement.
Sylvia R. Smith, 63, was sentenced to 37 months in federal prison. She was also ordered to pay $674,093 in restitution. Smith, the former chief financial officer of Louisville, Ky.-based Market Finders Insurance Company, was accused of embezzling money from her company and diverting the money to another company owned by her husband.
Between July of 2013 and April of 2015, Smith cut phony loan checks from Market Finders and deposited them into a bank account belonging to her husband’s company, PBS Insurance, according to a report from Louisville CBS affiliate WKYT.
Smith was charged with wire fraud and failing to report embezzled funds as income on her tax returns, according to WKYT.
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