Former Racepoint Global CFO charged with embezzling $3.6m from firm

Edward Abell is accused of laundering more than $3.6 million from the Boston-based agency over a 10-year span.

BOSTON: Edward Abell, former CFO of Racepoint Global, has been charged with embezzling more than $3.6 million during his time at the agency.

Abell has been charged with wire fraud and money laundering of the agency’s funds during his 10 years there, according to a statement from the U.S. Attorney’s Office for the District of Massachusetts.

Abell is scheduled to appear in federal court on Thursday.

While overseeing Racepoint’s financials, he allegedly wrote checks to a company he owned, Pinehurst Tax Associates. Alleged to be a shell company by the U.S. Attorney’s office, Pinehurst did not provide services to Racepoint, according to the statement.

Abell was CFO of Racepoint from July 2013 to September 2016, according to his LinkedIn account. He had worked at the firm since July 2006, previously as VP of finance. Prior, he worked with Racepoint founder and chairman Larry Weber at The Weber Group as finance director.

Abell is no longer listed on the website of his most recent employer, Boston management consulting and investment banking firm Bulger Partners, where he had served as CFO since September.

An attorney for Racepoint said the firm is cooperating with the investigation but declined additional comment. Abell could not be reached for comment.

Racepoint posted global revenue of $29 million in 2016, including $22.8 million in the U.S., up 7.8% globally from the year prior.

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