Former Accounting Director at EDC, Accused of Stealing $433K, Enters Guilty Plea

A former executive who prosecutors say stole more than $400,000 from a nonprofit pleaded guilty Thursday to a federal wire fraud charge.

Katherine Lu Acquista, 47, of Escondido, who previously served as the director of operations and accounting at the San Diego Regional Economic Development Corporation, used her access to bank accounts, credit cards, checkbook and payroll system to siphon money from the organization, according to the U.S. Attorney’s Office.

Prosecutors allege the thefts were concealed through false entries Acquista made in the EDC’s accounting system, such as fake charges for maintenance, repairs, office supplies or other recurring charges.

She also put personal expenses on the nonprofit’s credit card and issued checks to herself. The total loss to EDC was $433,275.89, according to the U.S. Attorney’s Office.

Acquista is slated for sentencing July 15. She faces up to 20 years in prison.

“Ms. Acquista worked for an organization whose goal is to help the San Diego community; however, she chose to abuse her position of trust within the organization,” said FBI San Diego Acting Special Agent in Charge John Kim.

– City News Service