Canadian Businessman Sentenced To Jail For Embezzling From Massena, New York Nursing Home Retirement Fund

Archived News Release — Caution: Information may be out of date.

Allan Huppe, a Canadian businessman, was sentenced on January 25 in Federal District Court, Northern District of New York, to serve three years in jail, followed by another three years of supervised release, for fraud and embezzlement from the pension fund of the Highland Nursing Home in Massena, New York.

According to John McGlynn, regional inspector general for investigations of the U. S. Labor Department’s Office of the Inspector General, Huppe was found guilty of two counts of wire fraud and one count of embezzlement from the nursing home retirement plan, following an eight- day jury trial. Huppe was also ordered to pay $750,000 in restitution.

The original indictment charged that Huppe used monies deposited from the retirement plan for personal purposes. Huppe assured a retirement plan trustee that he would purchase and sell financial instruments at no risk to the plan and repay the plan out of trading profits. Huppe then fraudulently transferred plan assets to banks in Canada, Nigeria, Japan and Bermuda. The indictment further charged that on repeated occasions Huppe provided written confirmation to the retirement plan indicating that deposit balances at Navy Street Bancorp, which he owned, were in excess of $750,000, when in fact the funds had been disbursed.

The case was jointly investigated by the Federal Bureau of Investigation and the U. S. Labor Department’s Pension and Welfare Benefits Administration, and was prosecuted by Assistant U. S. Attorney Mike Olmstead in Syracuse.

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Archived News Release — Caution: Information may be out of date.