Former Facebook Exec Admits to $4M Crypto Theft

• Former Facebook Executive Admits to Embezzling Over $4 Million
• An Intricate Fraud Scheme
• The Use of Digital Payment Platforms
• Scheduled Sentencing for the Crime

Former Facebook Executive Admits to Embezzling Over $4 Million

A previous executive of diversity at Facebook, Barbara Furlow-Smiles, admitted guilt to absconding over $4 million from the social media titan. This was used to support a lavish lifestyle in California and Georgia, as reported by federal prosecutors. Furlow-Smiles was instrumental in various Diversity, Equity, and Inclusion programs at Facebook from 2017 up until mid-2021.

An Intricate Fraud Scheme

The U.S. Attorney's office in Atlanta reported that the funds were stolen via a sophisticated scam. According to prosecutors, Furlow-Smiles manipulated Facebook into paying individuals for goods and services that were never actually provided to the company. Instead, these individuals returned a portion of the payment to Furlow-Smiles. The list of individuals includes friends, relatives, ex-interns from a previous occupation, nannies and babysitters, a hairdresser, and her college tutor.

The Use of Digital Payment Platforms

Furlow-Smiles connected her Facebook credit cards to her PayPal, Venmo, and Cash App accounts, through which she paid her associates for purported services to Facebook. She concealed these fraudulent charges through false expense reports, asserting her associates or their businesses had performed work on Facebook's programs and events, such as providing swag or marketing services, which was not the case.

Scheduled Sentencing for the Crime

Furlow-Smiles is to be sentenced on March 19, 2024, by US District Judge Steven D. Grimberg. The Federal Bureau of Investigation currently leads the case. Meta, the parent firm of Facebook, offered valuable assistance and cooperated during the investigation as reported by the office.

Edited by Jonathan Stoker