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Financial Crimes
04/05/2012

Orlando man sentenced for embezzling $1.6M from construction company

ORLANDO, Fla. — An Orlando man was sentenced in federal court Thursday for wire fraud, following an investigation by U.S. Immigration and Customs Enforcement's (ICE) Homeland Security Investigations (HSI).

Casey Loveall, 52, was sentenced to 46 months in federal prison. The court also entered a money judgment of $1,611,754.51, the proceeds of the charged criminal conduct, as part of the sentencing.

Loveall pleaded guilty Dec. 8, 2011. According to the plea agreement, Loveall, as controller of Hulke Construction Company, LLC (HCC), became familiar with the HCC accounting system and had access to the company's banking information and accounting software.

During the course of his employment, Loveall initiated wire and Automated Clearing House transfers to pay vendors and subcontractors for completed construction jobs. However, between 2007 and 2010, instead of sending 47 payments to pay for the construction projects, Loveall sent the money to accounts he controlled. In all, Loveall embezzled $1,611,754.51 from HCC.

The investigation determined that the stolen money was used for numerous purchases related to entertainment, paying bills, paying down loans and retail purchases.