Former San Diego staffer convicted in embezzlement case

A former chief financial officer of the San Diego Regional Economic Development Corporation who federal prosecutors say stole more than $400,000 from the nonprofit was sentenced Thursday to a year and a day in prison.

Formerly the EDC’s director of operations and accounting, Katherine Lu Acquista used her access to the EDC’s bank accounts, credit cards, checkbooks and payroll systems to siphon money out of the organization over several years, the U.S. Attorney’s Office said.

Prosecutors allege the thefts were concealed through false entries Acquista made in the EDC’s accounting system, such as false charges for maintenance, repairs, office supplies or other recurring costs. She also charged personal expenses to the nonprofit’s credit card and issued checks to herself. According to the U.S. Attorney’s Office, the total loss to EDC was $433,275.89.

Acquista pleaded guilty earlier this year to a federal fraud charge. Court records from both the prosecution and defense show that Acquista has paid back the full amount of restitution requested by the nonprofit.

Originally published: October 17, 2024 at 1:50 PM