A former Montgomery County official who admitted to embezzling more than $6.7 million in county funds was sentenced Friday to four years in prison.
Byung Il “Peter” Bang, 59, was the chief operating officer of the Department of Economic Development for the county from 2010 to 2016. Within Bang’s first year as department head, Montgomery County and South Korea agreed to create an incubator fund called Chungbuk Incubator Fund LLC. Federal officials said Bang opened four banks under the company’s name and listed his home address as the business’ address.
In a span of six years, the former department head fraudulently funneled $6,705,669.37 from the county government to the bank accounts he created and managed, prosecutors said.
According to the Justice Department, $5,447,964 came from the Montgomery County Department of Finance; $1,213,987.63 came from the Maryland Economic Development Corporation; and $43,717.74 came from the Maryland Conference & Visitors Bureau.
Bang did not report those funds as income and owed the IRS $2,335,913 in taxes.
Click here to read the rest of the article written by Alessia Grunberger over at Patch.com