{"id":51353,"date":"2022-11-14T19:38:04","date_gmt":"2022-11-15T03:38:04","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=51353"},"modified":"2022-11-14T19:38:38","modified_gmt":"2022-11-15T03:38:38","slug":"former-auditor-for-a-real-estate-agency-arrested-for-allegedly-stealing-2-5-million-from-employer","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=51353","title":{"rendered":"Former Auditor for a Real Estate Agency Arrested for Allegedly Stealing $2.5 Million from Employer"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SANTA ANA, California\u00a0<\/strong><\/span><\/p>\n

\"\"Officials stated that a former executive at an Orange County commercial real estate agency was arrested Monday on a federal criminal complaint alleging a decade-long scheme in which he stole $2.5 million from his employer.<\/span><\/p>\n

\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 According to authorities, Varun Aggarwal submitted fictitious invoices for companies controlled by his family and friends whose services were never performed.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Varun Aggarwal, 40, of Irvine, California, was arrested Monday by the FBI.\u00a0<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Aggarwal is charged with one count of mail fraud and one count of wire fraud. He is presumed innocent unless proven guilty.<\/span><\/p>\n

If convicted of both counts, Aggarwal would face a statutory maximum sentence of 40 years in federal prison.<\/span><\/p>\n

A review of company, bank, and tax records shows that Aggarwal, using approximately six vendors, stole approximately $2,601,246 from KBS between January 1, 2012, and January 13, 2022, according to the affidavit.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The FBI investigated this matter.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \"\" According to court documents, around 2012 and through January 2022, Aggarwal used his position at the Newport Beach-based KBS Realty Advisors to embezzle his employer\u2019s money.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 During his decade-long tenure at KBS, officials stated that Aggarwal worked in the company\u2019s internal auditing department, rising to the level of the department\u2019s director. <\/span><\/p>\n

As a company accounting group member, Aggarwal was familiar with KBS\u2019s policies and procedures for payment to vendors. <\/span><\/p>\n

Aggarwal used his knowledge of KBS\u2019s policies and procedures to have his friends and family perform contracting work for his groups at KBS.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 After several of these companies became approved vendors for KBS, Aggarwal used these approved vendors to submit fraudulent invoices for consulting services that were not performed for the company, the complaint alleges. <\/span><\/p>\n

He then funneled the payments on the invoices from KBS to his bank accounts \u2013 through the approved vendors \u2013 at times without informing the vendors that the invoices and the payments on the invoices were for his benefit.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Aggarwal resigned from KBS in January 2022 after the company began investigating the invoices, the affidavit states.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\u00a0 \u00a0 \u00a0 \u00a0 \u00a0Assistant U.S. Attorney Brett A. Sagel of the Santa Ana Branch Office is prosecuting this case.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SANTA ANA, California\u00a0 Officials stated that a former executive at an Orange County commercial real estate agency was arrested Monday on a federal criminal complaint alleging a decade-long scheme in which he…<\/p>\n","protected":false},"author":1,"featured_media":51223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-51353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nFormer Auditor for a Real Estate Agency Arrested for Allegedly Stealing $2.5 Million from Employer<\/title>\n<meta name=\"description\" content=\"\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SANTA ANA, California\u00a0 Officials stated that a former executive at an Orange County commercial real estate agency was arrested 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