July 17, 2024

Charles M. Ameer, previously serving as the Chief Financial Officer of Indeco North America in Milford, has been indicted on federal charges regarding the alleged embezzlement of $890,000 from his former employer.

As reported by the Hartford Business Journal, a federal grand jury in New Haven has indicted 64-year-old Ameer on three counts of wire fraud.

Ameer, a resident of Weston, pleaded not guilty at a recent court hearing before U.S. Magistrate Judge S. Dave Vatti. He is presently out on a $500,000 bond. Court records reveal him serving as CFO for Indeco North America, an Indeco Ind. S.P.A subsidiary, from 2017 to 2022.

Indeco North America, a provider of construction equipment like excavators, pulverizers, and mulching heads, caters to industries such as demolition, building, and forestry.

The U.S. Attorney’s office suggested that Ameer commenced his alleged embezzlement activities in October 2017, by producing a $40,000 check from Indeco’s account in the name of “WSC”. This was supposedly for repaying funds, he had earlier taken from the nonprofit Weston Soccer Club without authority. Allegedly, he drafted about twelve checks to himself over the years, totaling $850,000, which he diverted into his personal account for personal expenditure.

Ameer, a Certified Public Accountant, joined Indeco in 2016 and admitted to making and cashing the checks under scrutiny during a 2023 FBI interview. According to an FBI affidavit, he confessed that his financial hardships instigated this fraudulent activity and expressed plans to repay Indeco gradually.

District Attorney’s Office in Manhattan revealed the expansion of its “Construction Fraud Task Force”, in May, following a successful clampdown on a widespread fraudulent scheme in the construction sector.

The construction industry, prone to overbilling, kickbacks, and transparency issues due to minimal regulation, has seen some of its major players like Plaza Construction, AECOM Tishman, Lendlease, and Hunter Roberts Construction Group pay heavy fines and penalties over three decades for significant fraud charges.

— Ted Glanzer

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Frequently Asked Questions

What are the charges against Charles M. Ameer?

Ameer is facing federal charges for embezzling $890,000 from his former employer, Milford-based company Indeco North America. He has been indicted by a federal grand jury on three counts of wire fraud.

How did Ameer allegedly carry out the embezzlement?

The U.S. Attorney’s office states that Ameer started his embezzlement scam in October 2017 by drafting a $40,000 check on Indeco’s account payable to “WSC”. Over the years, he wrote around a dozen checks, amounting to $850,000, made out to himself, which he directly deposited into his account for personal use.

What does the expansion of the “Construction Fraud Task Force” imply?

The expansion of the Manhattan District Attorney’s “Construction Fraud Task Force” indicates stringent measures being put in place to monitor and curb frauds within the loosely-regulated construction industry, identified as a hotbed for fraudulent activities like overbilling and kickbacks.