Scotch Plains Woman Charged with Embezzling $350K+ from Congregation Beth Israel: U.S. Attorney

NEWARK, NJ – A Scotch Plains woman has been charged in connection with her role in embezzling more than $350,000 from a Union County synagogue, U.S. Attorney Philip R. Sellinger announced on Tuesday, July 23.

Stacy Margaritondo, 51, is charged by complaint with one count of wire fraud. She appeared Tuesday before U.S. Magistrate Judge André M. Espinosa in Newark federal court and was released on $100,000 unsecured bond.

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According to documents filed in this case and statements made in court:

• Margaritondo began working at Congregation Beth Israel (CBI) in Scotch Plains in 2010 and was promoted to office manager and bookkeeper in July 2020. Her duties included accounting/bookkeeping, payroll, preparing checks for accounts payable, and reporting to the synagogue’s board of directors regarding the synagogue’s financial condition.
• From December 2019 through May 2023, Margaritondo engaged in a fraudulent scheme to misappropriate approximately $350,000 from the synagogue’s accounts.
• Margaritondo routinely issued unauthorized checks made payable to herself drawn on the synagogue’s bank accounts and obtained unauthorized additional funds to conceal the embezzlement scheme by fraudulently using the synagogue’s name, bank statements, and balance sheet to obtain short-term financing from cash advance companies.
• The criminal complaint alleges that she intentionally kept inaccurate accounting records and altered bank statements that she provided to the synagogue's Board of Directors to conceal her scheme.

Following today's court proceedings, Ryan Teicher, the immediate past president of the synagogue, shared with TAPintoSPF the statement that was sent this afternoon to CBI congregants.

Dear CBI Members,

In May 2023, I informed the community about the theft of a significant amount of CBI’s funds by Stacy Margoritondo, our former Office Manager and Bookkeeper. This act by someone very close to our community has been very difficult to accept.

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Today, I write to inform you of a significant development in this matter: Ms. Margoritondo has been arrested by federal authorities and charged with wire fraud. We have been cooperating with the investigation for the past year and are grateful that justice is being pursued. We do not know what the ultimate outcome will be.

Throughout this difficult time your support has been invaluable. As I have expressed before, we are a resilient, united kehila, and we stand together stronger today than we were before.

Thank you for your continued commitment to our community.

Ryan Teicher,
Immediate Past President

The wire fraud charge carries a maximum potential penalty of 20 years in prison and a $250,000 fine, or twice the gross gain or loss from the offense, whichever is the greatest.

U.S. Attorney Sellinger credited special agents of the FBI, under the direction of Special Agent in Charge James E. Dennehy in Newark, with the investigation leading to the charge. He also thanked the Scotch Plains Police, under the direction of Chief Jeffrey J. Briel. The government is represented by Assistant U.S. Attorney Shontae D. Gray of the Economic Crimes Unit in Newark.

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