Former HP executive pleads guilty to defrauding Silicon Valley company out of $5 million – CBS San Francisco

PALO ALTO (AP) — A former HP, Inc. executive pleaded guilty Wednesday to stealing some $5 million from the Silicon Valley computer company and using it to buy luxury cars, jewelry and watches, federal prosecutors said.

Shelbee Szeto pleaded in federal court in Oakland to a wire fraud, money laundering and related tax charge, the U.S. Attorney’s Office said in a statement.

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The 30-year-old Fremont woman was an executive assistant and head of financial planning for HP, Inc. and was responsible for using company credit cards to pay vendors, prosecutors said.

From mid-2017 to mid-2020, Sxeto sent payments meant for HP’s business expenses to fake merchant accounts it set up through digital financial companies such as Square, PayPal and Stripe, prosecutors said.

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In his plea agreement, Szeto admitted to stealing at least $4.8 million and attempting to steal another $300,000. She used the money to buy a Tesla sedan, a Porsche SUV and handbags, purses, watches, gold necklaces, 26 pairs of earrings and other luxury brand items such as Dior, Gucci, Rolex and Bulgari.

Szeto is expected to be sentenced in July. She faces 10 years in prison and a $250,000 fine for money laundering.

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