Deposit Man Admits Stealing $700,000
An owner of a Binghamton payroll and human services company has admitted he stole more than $700,000 from the firm's clients.
Prosecutors say 42-year-old William Stiles of Deposit has pleaded guilty to wire fraud and tax evasion.
Stiles entered the plea before Senior U.S. District Court Judge Thomas McAvoy.
While he was chief operating officer and part-owner of Aeden Waterford, Stiles acknowledged he stole money belonging to more than 100 clients.
The thefts happened over a five-year period, ending in late 2010.
Stiles stole money that was supposed to have been used to pay client employment withholding taxes. He instead deposited the funds into his personal bank accounts.
Stiles also admitted he evaded income taxes due on the stolen money.
Sentencing has been scheduled for December 21 in Binghamton Federal Court.