Weber Shandwick ex-COO pleads guilty to fraud for embezzling from PR firm
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(Reuters) — A former chief operating officer of marketing communications firm Weber Shandwick pleaded guilty on Wednesday to fraud after being accused of embezzling more than $16 million from the public relations firm and, ultimately, its parent Interpublic Group of Cos.
Frank Okunak, 56, who had worked at Weber Shandwick for a quarter century, entered his guilty plea to charges of wire fraud and falsifying records at a hearing before U.S. District Judge Kevin Castel in Manhattan.
The Lyndhurst, New Jersey, resident also agreed to forfeit $10.8 million and pay $16 million of restitution.
Mr. Okunak’s sentencing was scheduled for Dec. 6, and the U.S. Securities and Exchange Commission filed related civil charges.
Prosecutors said that from 2011 to around July 2020, Mr. Okunak arranged unauthorized payments to provide start-up capital for his own personal and business ventures, buy tickets and luxury boxes to sports events, and cover donations to his alma mater.
Mr. Okunak allegedly hid his conduct by arranging for false and misleading invoices to suggest the payments were being used for legitimate corporate purposes.
“Mr. Okunak has accepted full responsibility for his conduct, deeply regrets his wrongdoing, and is doing all he can to move forward in a positive manner,” his lawyer Paul Krieger said in a statement.
