Employee sentenced for stealing more than $400K from San Diego corporation

October 21

SAN DIEGO (FOX 5/KUSI) — The former director of operations and accounting for the San Diego Regional Economic Development Corporation has been sentenced in federal court to one year in jail.

Katherine Lu Acquista, 47, of Escondido, the former director of operations and accounting for the San Diego Regional Economic Development Corporation, was sentenced to 12 months and 1 day in custody for stealing more than $433,000 from her then-employer. She was also ordered to pay a $50,000 fine.

According to court documents, Acquista put personal expenses on EDC credit cards and paid those expenses using EDC funds. She is also accused of asking other employees to issue checks to her from the EDC company bank account, then entered false entries in EDC’s accounting system to hide those transactions. She is also accused of stealing from EDC’s flexiblespending and payroll system.

In total, Acquista was convicted of stealing $433,275.89 over five years, between August 2017 and August 2022.

The EDC is a 501(c)(3) charitable non-profit organization that works to grow San Diego’s economy and regional prosperity, funded by individual and corporate donations, grants andinvestments from nearly 200 companies, public agencies, and private organizations.

“Members of our community who donate to local non-profits depend on the integrity andstewardship of those entrusted with such funds,” said U.S. Attorney Tara McGrath. “This sentenceserves to remind those engaged in crime for profit that whether your victim is the taxpayer,government, or a local non-profit, you will be held accountable.”

The Federal Bureau of Investigation (FBI) investigated this case.

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