Monday, October 21, 2013

Hope Ippoliti, Former Turnberry Controller Sentenced to 37 Months in Prison for $6 Million Embezzlement

The former controller for the company that owned or developed the Residences at MGM, Town Square shopping center, Turnberry Place, Turnberry Towers, and the Stirling Club in Las Vegas Hope Ippoliti, Former Turnberry Controller Sentenced to 37 Months in Prison for $6 Million Embezzlementwas sentenced to 37 months in prison, three years of supervised release, and ordered to pay approximately $5.6 million in restitution, announced Daniel G. Bogden, United States Attorney for the District of Nevada.

Hope Ippoliti, 52, of Las Vegas, who pleaded guilty in March to conspiracy to commit wire fraud, was sentenced by U.S. District Judge Gloria M. Navarro. Ippoliti was permitted to self-report to federal prison by January 14, 2014.

“This was a significant amount of money that was embezzled over an almost five-year period,” said U.S. Attorney Bogden. “Ms. Ippoliti victimized not only Turnberry Associates in the amount of $5.6 million but caused irreparable harm and financial damage to the many victims and business entities employed and supported by Turnberry Associates.”

Ippoliti worked as the Western Regional Controller for Turnberry West Realty, a subsidiary of Turnberry Associates LLC. In that capacity, Ippoliti had signatory authority and access to certain Turnberry bank accounts. From about May 17, 2007, to about January 12, 2012, Ippoliti and a co-defendant, Rocco Lazazzaro, conspired to steal from Turnberry Associates and its affiliates. Ippoliti created fund transfer requests containing false information that the funds were intended for business-related purposes when she and Lazazzaro actually intended to withdraw the funds for personal use. Ippoliti faxed or e-mailed the fund transfer requests from Nevada to Turnberry Associates in Florida to cause the transfer of funds into Bank of America accounts over which she had signatory authority. Ippoliti and Lazazzaro deposited and cashed checks and cashier’s checks drawn on Bank of America bank accounts belonging to Turnberry Associates and its affiliates. The total losses to Turnberry Associates and its affiliates were $5.6 million.

Lazazzaro, who has a lengthy criminal history, was sentenced on August 22 to 51 months in prison.

The case was jointly investigated by the FBI and the United States Secret Service and is being prosecuted by Assistant U.S. Attorney Christina M. Brown.

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