A former San Diego Regional Economic Development Corporation staff member was sentenced Thursday to one year and a day in prison.
Katherine Lu Acquista previously served as the EDC’s director of operations and accounting and used her access to the EDC’s bank accounts, credit cards, checkbook and payroll system to siphon money from the organization over the course of several years, according to the U.S. Attorney’s Office.
The thefts were reportedly 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 pleaded guilty earlier this year to a federal wire fraud charge.
Court filings from both the prosecution and defense show that Acquista has repaid the full amount of restitution requested by the nonprofit.
San Diego EDC said in a statement issued Thursday, “More than a year ago EDC recovered all funds stolen by Ms. Lu Acquista. We worked together with our governance committee and board, and maintain a healthy budget today. We have moved past this unfortunate incident and look ahead with continued commitment to our regional goals.”
City News Service contributed to this report.
Updated 4:40 p.m. Oct. 17, 2024
