Date: October 16, 2023 Contact: newsroom@ci.irs.gov A Utah man accused of embezzling more than $700,000 from a Montana company admitted to charges today, U.S. Attorney Jesse Laslovich said. Thomas Lynn Syddall, of American Fork, Utah, who worked for a company owned by Anderson ZurMuehlen & Co., pleaded guilty to wire fraud and to money laundering-concealment as charged in an indictment. Syddall faces a maximum of 20 years in prison, a $500,000 fine or twice the value of the property involved in the transaction and three years of supervised release. Chief U.S. District Judge Brian M. Morris presided. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. The court set sentencing for March 20, 2024. Syddall was released pending further proceedings. In court documents, the government alleged that Syddall worked as a salesman for Information Technology Corporation, which was owned by Anderson ZurMuehlen & Co. From about March 2020 to about August 2021 in Helena, Syddall embezzled money through multiple means, including creating bogus purchase orders and invoices, stealing inventory and directing payments to fictitious companies and unauthorized vendors. Syddall then sold the inventory, none of which was authorized, on eBay and KSL Classifieds. When questioned by other employees about the discrepancies in orders and payments, Syddall sent lulling emails attempting to cover up and prolong the fraud. In addition, Syddall concealed financial transactions by laundering proceeds from the wire fraud into third-party accounts. Syddall then directed the transfer of the money into accounts over which he had control. The government alleged the investigation has identified approximately $759,100 in restitution. Assistant U.S. Attorney Ryan G. Weldon is prosecuting the case. IRS Criminal Investigation and the FBI conducted the investigation.
