Prosecutor: CPA/CFO Gets Two Years’ Probation for Theft of $833K from Company

A CPA, who had previously been the Chief Financial Officer of an area financial services technology company, has been sentenced to two years’ probation after pleading guilty to stealing hundreds of thousands of dollars from his employer, Monmouth County Prosecutor Raymond S. Santiago announced on Wednesday.

Scott Lifshitz, 60, of Brick Township, was sentenced on Friday, May 12, before Monmouth County Superior Court Judge Jill Grace O’Malley. During the sentencing, Judge O’Malley noted that Lifshitz had previously paid restitution in the amount of $833,000.00 to the victim.

Lifshitz pleaded guilty to second-degree Theft of Movable Property before Judge Richard W. English on February 10, 2023 following an investigation by detectives from the Monmouth County Prosecutor’s Office. On that date he made the restitution payment to a company representative who was present.

The investigation revealed that Lifshitz oversaw the daily financial operations of the company and had access to all of the company’s bank accounts. In that capacity he was able to write company checks payable to himself and to initiate wire transfers of company funds into his personal accounts. All of these transactions were unauthorized.

On the day Lifshitz was terminated from his role in the company in September of 2022, he unsuccessfully attempted to deposit two additional company checks into his personal bank accounts, but he had already been removed as an authorized signatory on the company accounts.

The founders of the company reported the theft to the Monmouth County Prosecutor’s Office (MCPO) shortly after Lifshitz was terminated.

MCPO Detectives confirmed his activity through interviews with the founders and by reviewing subpoenaed bank records and other documents establishing the theft which occurred over a period of roughly two years from September of 2020 through September of 2022.

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