Former Massachusetts shoe company executive receives nearly 6 years for embezzlement

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An almost 140-year-old former Massachusetts shoe maker executive was sentenced to nearly six years in prison for embezzling $ 30 million from the company and spending it on luxury items and travel to himself and another person, federal prosecutors in Boston said. .

Richard Hajjar, 64, the former chief financial officer of Alden Shoe Co., was also sentenced Wednesday to three years of probation and ordered to pay more than $ 60 million in restitution and penalties.

Hajjar, from Duxbury, embezzled money from 2011 until his dismissal in 2019, writing checks from company bank accounts and transferring funds from company accounts to his personal accounts and another person, prosecutors said.

He used some of the money to buy jewelry, including a $ 158,000 diamond ring, a condominium in New York City and private flights to the Caribbean, according to court documents.

He then failed to report the proceeds of his embezzlement as income on his tax returns.

Hajjar pleaded guilty in May to electronic fraud, illegal money transactions and filing a false income tax return.

Middleborough-based Alden Shoe Co., which makes high-end dress shoes and other footwear, was founded in 1884, according to its website.


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