Bookkeeper Stole $1.6M From Florham Park Company: Feds

FLORHAM PARK, NJ — — A bookkeeper for a Florham Park-based company was convicted of embezzling nearly $1.6 million from his employer, according to federal authorities.

U.S. Attorney William M. McSwain said Peter Goodchild, 56, of Philadelphia, was convicted Thursday at trial on charges of embezzling almost $1.6 million from his former employer, QwikSource, over a 10-year period from 2005 to 2015 through a wire fraud scheme. Goodchild was also convicted of money laundering, aggravated identity theft, and filing false income tax returns during this period.

Goodchild, former bookkeeper for QwikSource LLC/GMI Technical Sales LLC of Florham Park, New Jersey, opened a PayPal account using his employer's name, transferred funds from QwikSource's bank account to that PayPal account, from that PayPal account to another PayPal account belonging to his girlfriend, and from his girlfriend's PayPal account to one or more of his personal bank accounts, according to authorities.

Goodchild further hid the embezzlement by making financial entries on files he maintained for QwikSource that increased the cost of goods sold by the same amount of the money he wired from QwikSource's account to the PayPal accounts and his personal bank accounts, authorities said.

Additionally, Goodchild failed to pay taxes on his wealth, according to authorities.

Between 2010 and 2015, he embezzled at least $854,800 and had unreported income of $231,100 in 2010; $215,100 in 2011; $83,600 in 2012; $125,000 in 2013; $152,000 in 2014; and $48,000 in 2015.

His actions created a tax loss of approximately $240,648, authorities said.
Goodchild was charged with and convicted on 48 counts of wire fraud, 10 counts of money laundering, six counts of filing a false income tax return, and one count of aggravated identity theft.

Wire fraud and money laundering are punishable by up to 20 years in prison. Filing a false tax return is punishable by up to three years. Aggravated identity theft is punishable by a mandatory two years of prison that must follow any term imposed on the other counts.

Additionally, Goodchild will be subject to restitution and/or forfeiture of money and substitute assets totaling $1,589,315.