Milford Man Admits Embezzling from Stamford Company

Nora R. Dannehy, United States Attorney for the District of Connecticut, announced that PETER C. YARASAVICH, 40, of Milford, waived his right to indictment and pleaded guilty today before United States District Judge Robert N. Chatigny in Hartford to one count of wire fraud.

According to court documents and statements made in court, YARASAVICH worked as a temporary employee at M2 Products, Inc. of Stamford, where he served as the bookkeeper. As part of his duties, YARASAVICH had access to the firm’s financial records, and he was responsible for preparing regular financial reports for the firm’s management and outside accountant.

In pleading guilty, YARASAVICH admitted that, between August 2007 and February 2009, he wrote numerous unauthorized checks to himself drawn on the checking account of M2 Products, forged the signature of the firm’s president on those checks, and then cashed them, using the money for his own enrichment. In an effort to conceal his embezzlement, YARASAVICH falsified data in the firm’s financial reports and transmitted the falsified reports to the firm’s outside accountant.

Through this scheme, YARASAVICH embezzled approximately $149,128.

Judge Chatigny has scheduled sentencing for April 1, 2010, at which time YARASAVICH faces a maximum term of imprisonment of 20 years and a fine of up to $250,000.

The case was investigated by the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney James R. Smart.