11 May – LAWFUEL – The Law News Network – The United States Attorney’s Office for the Northern District of California announced that Bryan Douglas Rosenquist, 43, of Vacaville, California, was sentenced late yesterday by U.S. District Court Judge Claudia Wilken to 108 months in federal prison, 5 years of supervised release, a $2,200 special assessment, and was ordered to forfeit $11,849,269 jointly and severally with his co-defendant Michele Serrao, 44, for embezzling over $12 million from Bank of America.
On June 8, 2004, Mr. Rosenquist was convicted of all counts by a federal jury. His co-defendant, Ms. Michele Serrao, 42, of Vacaville, California, was convicted of all but one count. Mr. Rosenquist was convicted of one count of conspiracy to embezzle funds belonging to Bank of America, one count of bank fraud, one count of conspiracy to launder money, and numerous counts of money laundering and tax evasion. The government proved that defendants Rosenquist and Serrao embezzled more than $12,256,000 as a result of these crimes.
From 1998 through August 2001, Mr. Rosenquist and Ms. Serrao were supervisors at the Loomis, Fargo and Company Facility in Richmond, California, in charge of the vault containing millions of dollars in cash. Over the course of this three-year time period, the defendants embezzled over $12 million in cash from the vault belonging to Bank of America to support gambling at casinos and the purchase of, among other things: thoroughbred race horses for their horse racing business “Bella Thoroughbreds,” expensive vehicles, and jewelry. The defendants concealed their embezzlement from Loomis, Fargo and Company and from Bank of America by creating false balance sheets which they sent to Bank of America. In addition, while both defendants filed and paid their taxes prior to this time period, during the theft, both defendants failed to file and pay their income taxes and took a number of evasive actions, including failing to keep books and records of their business.
The prosecution is the result of a three year investigation by agents of the Federal Bureau of Investigation and the Internal Revenue Service. Assistant U.S. Attorneys Maureen Bessette and Stephen Corrigan prosecuted the case.
A copy of this press release and related court filings may be found on the U.S. Attorney’s Office’s website at www.usdoj.gov/usao/can . Related court documents and information may be found on the U.S. District Court website at www.cand.uscourts.gov or on .
All press inquiries to the U.S. Attorney’s Office should be directed to Luke Macaulay at (415) 436-6757 or by email at [email protected] .