Prosecutor: Construction Company CFO Charged with Embezzling $660K

The chief financial officer of an area construction company has been arrested and charged with embezzling over a two-year period more than $660,000 from the company, Monmouth County Prosecutor Christopher J. Gramiccioni announced on Wednesday.

Kenneth Schwarz, 69, of Howell, a 25-year employee of the Wall-based construction company, was charged on Monday with second-degree theft and fourth-degree falsifying records.

The charges stem from a joint investigation by the Monmouth County Prosecutor’s Office and Wall Township Police Department. The investigation determined that, between January of 2016 and December of 2018, Schwarz allegedly pilfered more than $660,000 by depositing checks from the company’s bank account into his personal bank account. He allegedly concealed the theft by falsifying the company’s records.

If convicted of the second-degree offense, Schwarz faces up to 10 years in a New Jersey state prison. If convicted of the fourth-degree offense, he faces up to 18 months.

— Edited press release from the Monmouth County Prosecutor’s Office