The owner of a Norwalk bookkeeping service who pleaded guilty to charges stemming from an embezzlement scheme was sentenced to eight months in prison followed by two years of supervised release.
Penni Sherman, also known as Penni Parker, operated PSP Accounting & Bookkeeping and had a client base of local businesses. Sherman was charged with stealing $418,197.09 from clients between 2011 and 2018 and using the funds to cover personal expenses ranging from paying credit card bills and using salon services.
Sherman omitted the embezzled funds and other business receipts on her federal income tax returns, which the Internal Revenue Service estimated as totaling $125,167. When confronted about the embezzlement, Sherman returned $163,730 to one of her victims.
Sherman pleaded guilty last October to one count of wire fraud and one count of making and subscribing a false tax return. She was ordered to pay restitution of $252,277.09 to the victims of her fraud, and $125,167 in back taxes, plus applicable interest and penalties, to the IRS.
Sherman, who has been released on bond, is required to report to prison on Aug. 13, 2021. After her prison sentence, Sherman”™s first two months of supervised release will be conducted under home confinement.
