Katherine Lou Acquista, 47, pleaded guilty Thursday in federal court to wire fraud, saying she used money for personal purposes while serving as operations and treasurer for the San Diego Regional Economic Development Corporation (EDC). He admitted stealing it.
She ran the scheme for about five years, from 2017 to 2022, according to court records.
The San Diego Regional EDC is a nonprofit organization focused on increasing the economic activity and international competitiveness of local businesses. The nonprofit reported $3.68 million in revenue in its most recent financial report, most of which came from donations and grants.
As director of financial operations, Acquista had access to the nonprofit's bank accounts, payroll, credit cards, and checkbook. According to her plea agreement, she paid for her personal expenses with her company credit card and had her accounting department write checks directly to her.
Court records say she concealed the fraud by making false entries into the accounting system to hide the missing funds. For example, Aquista entered falsified expenses as costs for maintenance, repairs or office supplies, court records show. She made the check payable to her expense her recurring IT costs.
Court records also show Acquista wired more than $12,000 from the nonprofit's Wells Fargo bank account to cover personal credit bills.
“MS. Acquista worked for an organization whose goal was to help the San Diego community. However, she chose to abuse her position of trust within the organization,” said FBI Special Agent in Charge San Diego. agent John Kim said. “The FBI remains committed to ensuring that individuals who knowingly compromise their positions and the integrity of the organization for personal gain are brought to justice.”
Peter Blair, the defendant's lawyer and principal at Blair Defense Criminal Lawyers, said his client was “very remorseful and looks forward to putting this matter behind him.” He cited Thursday's plea agreement and said Aquista was “absolutely proactive and cooperative with the government, which is one of the reasons we were able to reach a favorable resolution.” Ta.
In an email to the Union-Tribune, he said Aquista was “going through a difficult time mentally and emotionally, including ongoing abuse in a domestic violence relationship” at the time of the misconduct. he pointed out. She immediately paid back all the money she owed. ”
A spokesperson for the San Diego Regional EDC said in an emailed statement that the organization “recovered all funds stolen by Ms. Lou Acquista” over a year ago.
“We worked with our governance committee and board to maintain a healthy budget today,” the nonprofit said. “We look forward to moving beyond this unfortunate incident and continuing to work toward our regional goals.”
Aquista is scheduled to be sentenced in U.S. District Court in July.
Staff writer Alex Riggins contributed to this report.
