Somerset County man charged with stealing $1 million from employer to start rival business, officials say
TRENTON, N.J. — A Somerset County man who formerly served as a senior executive at a Monmouth County-based industrial manufacturing company has been charged with allegedly stealing more than $1 million from his employer to start a competing business, state officials announced Tuesday.
Acting Attorney General Jennifer Davenport said Jeffrey Lawrence, 34, of Far Hills Borough, was charged by complaint with two counts of second-degree theft by unlawful taking and two counts of second-degree misconduct by a corporate official.
“The defendant’s alleged financial scheme undermines trust in high-level corporate executives and the integrity of business dealings,” Davenport said. “These crimes erode the ability of businesses to operate on a level playing field and can lead to increased costs, which can affect us all.”
According to the complaint, Lawrence served as vice president, treasurer and corporate secretary of the manufacturing company. Authorities allege he opened unauthorized bank accounts and, through a series of transactions in January and March 2022, transferred approximately $1 million from the company to a second business he controlled.
“We allege this individual misappropriated over $1 million from the company that employed him as a vice president, among other high-level roles,” said Division of Criminal Justice Director Theresa L. Hilton. “No title or position is above the law. When that is alleged to have been abused, we will pursue accountability.”
Prosecutors allege Lawrence fabricated corporate records, including purchase orders and invoices, to conceal the transfers and falsely justify payments between the two companies, which authorities said had not conducted legitimate business with each other.
“The defendant misused a position of trust to allegedly commit financial crimes,” said Pablo Quiñones, legal chief of the Office of Securities Fraud and Financial Crimes Prosecutions. “This office remains steadfast in its commitment to investigate and prosecute these types of sophisticated, financial crimes.”
The investigation was conducted by the Division of Criminal Justice’s Office of Securities Fraud and Financial Crimes Prosecutions, with assistance from the U.S. Postal Inspection Service. Assistant Attorney General A. Brendan Stewart is prosecuting the case under the supervision of Quiñones.
Second-degree charges carry potential penalties of up to 10 years in state prison and fines of up to $150,000.
The charges are allegations, and Lawrence is presumed innocent unless and until proven guilty in court. The investigation remains ongoing. Anyone with information is asked to contact the Division of Criminal Justice tip line at 800-277-2427 or email OSFFCP@njdcj.org.
