A former payroll manager for the Art Institute of Chicago has been indicted on federal charges alleging he embezzled more than $2 million in museum funds over a 12-year period by falsifying payments to employees.
Michael Maurello, 56, of Beach Park, was charged in an indictment made public Friday with two counts each of wire fraud and bank fraud. The more serious bank fraud charges carry a maximum of 30 years in prison if he is convicted.An arraignment date has not been set. Court records indicate prosecutors intend to ask that Maurello be held without bond.
To hide the scheme, Maurello edited and altered payroll reports, falsely changing the employees’ names and the dates and dollar amounts of the payments, the indictment stated. “This individual stole in excess of $2 million from the organization over the course of approximately a decade,” the statement read. “The cumulative loss was significant, but because of the length of time and manner in which it was taken, it did not impact decisions around staffing, payroll, scholarship funding, programming, or other financial aspects of the organization.”
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