A former financial advisor and accountant in Bloomington has been sentenced to nearly three years in federal prison on mail fraud charges. The office of United States Attorney for the Southern District of Indiana Josh Minkler says Michael E. Sallee’s conviction stems from a decade-long embezzlement scheme involving close to $1.2 million.
The fraud is reported to have taken place from 2003-2013. Sallee began managing the finances of his victim in 1997 and eventually turned to writing checks from the victim to himself to spend on meals at restaurants, retail purchases and family vacations. He also prepared false financial statements for the victim that over-represented to value of the client’s assets.
Minkler says "we expect integrity from accountants and financial professionals/ We entrust them with our money. We talk with them about our families and our plans for our children and we expect that they are looking out for our best interests. So when they exploit that special trust for their own personal gain through lies and deceit, this office will hold them accountable."
Sallee has been ordered to pay full restitution and officials say he has paid back around $168,000 so far.