A Naperville accountant who admitted to stealing more than $1.1 million from four clients and three banks has been sentenced to more than eight years in federal prison.

       In addition to the 98-month term, Paul Eric Collins, 55, also was ordered to pay $1,159,414 in restitution to his victims by U.S. District Judge Elaine E. Bucklo, according to the U.S. Attorney’s Office in Chicago. He pleaded guilty to wire fraud last year.

       Between 2013 and 2018, Collins stole more than $1 million from four companies that employed him, writing corporate checks to himself, his wife and phony companies he created, prosecutors said. He also withdrew money from ATMs and charged personal expenses on company credit cards, according to the federal case.

       In order to conceal the thefts, he made “Ponzi-type payments” to some victims, a news release said.

       Collins also stole more than $70,000 from three lenders by obtaining loans based on false representations, including using the identity of one of his employer’s owners and falsely representing that the owner had personally guaranteed the loans, prosecutors said.

       When Collins failed to repay the money, the owner was left having to prove he did not back the loan, the release said.

       “Collins stole funds from his employers, even though he knew that they desperately needed those funds to operate their businesses,” Assistant U.S. Attorney Jacqueline Stern said in the government’s sentencing memorandum. “Collins stole from the victims for his own wholly selfish ends.”

       Naperville accountant who stole more than $1M from clients, banks gets 8-year federal prison term

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