Peninsula woman convicted of embezzling millions from seafood company
SAN FRANCISCO — A Peninsula woman is facing time behind bars after being found guilty of embezzling millions of dollars from a seafood company and using the funds to pay for personal travel, luxury goods and college tuition, according to prosecutors.
After a two-week trial, a jury on Thursday convicted 57-year-old Brisbane resident Antonietta Nguyen of multiple counts of wire fraud, aiding and abetting wire fraud, conspiracy to commit wire fraud, conspiracy to transport monetary instruments for the purpose of laundering and tax evasion, the U.S. Attorney’s Office said.
Nguyen was a minority shareholder of San Francisco-based ABS Seafood, a private seafood wholesaler and importer, and served as the company’s chief financial officer.
From January 2014 to May 2020, Nguyen fraudulently used a company credit card and funds from the company’s bank account to pay for millions of dollars of expenses on her personal credit cards, according to prosecutors. She also charged personal expenses to her corporate credit card, which were then paid for by ABS Seafood.
Prosecutors said Nguyen used the stolen funds to pay for personal travel, purses and other luxury goods from Louis Vuitton, Hermes, Goyard, Chanel and Neiman Marcus; property taxes for one of her residences; and college tuition fees for a relative.
She misappropriated $2.7 million in company funds over a period of 6½ years, according to prosecutors.
Nguyen also concocted an inflated invoice scheme involving family members who ran Pescaderia Pacifica International Inc., a Filipino seafood exporter that was one of ABS Seafood’s top vendors and main source for imported tuna, prosecutors said.
She caused ABS Seafood to pay more than double the true value of the imported seafood by creating false invoices, which she hid from others at the company. Her family members then split the proceeds, with some of the money being wired to bank accounts in the names of Nguyen’s husband and daughters, according to prosecutors.
Prosecutors said Nguyen also evaded personal income taxes she and her husband owed for 2018 and 2019 by underreporting the amount of joint taxable income they had for those years.
She was released on bond and is scheduled to return to court for sentencing on Oct. 10.
Nguyen faces up to 20 years in prison and a $250,000 fine for each count of wire fraud and wire fraud conspiracy, 20 years in prison and a $500,000 fine for the count of conspiracy to transport monetary instruments for the purpose of laundering and five years in prison and a $100,000 fine for each count of willful tax evasion.