The former Chief Operating Officer (COO) of a suburban Chicago company that sold Covid-19 testing kits has been sentenced to more than six years in federal prison for embezzling more than $1.85 million in company funds. While on pre-trial and pre-sentencing release for an earlier fraud scheme, Dennis W. Haggerty, Jr. issued fraudulent payments from the Willowbrook, Ill.-based company’s bank account for services and goods purportedly provided by himself or the company’s main vendor, a manufacturer from whom the company purchased Covid-19 testing kits. In reality, the services and goods had not been provided. The money purportedly sent to the testing-kit supplier was wired to a bank account that Haggerty controlled, and he spent the funds for his personal benefit.
In addition to the wire transfers, Haggerty issued checks drawn from the company’s bank account to himself, knowing that he would spend the money for his personal benefit. Haggerty concealed his fraud by making false and misleading statements on the checks and to the company’s president. In all, Haggerty in 2021 and 2022 embezzled and fraudulently misappropriated more than $1.85 million from the company.
