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A former executive at an Indianapolis nonprofit has been sentenced to more than two years in federal prison after she pleaded guilty to wire fraud that involved the embezzlement of more than $2 million from her employer.
Theresa Szwast, 58, of Fishers, was sentenced to a prison term of two years and nine months, followed by two years of supervised release.
Szwast also has been ordered to pay nearly $2.2 million in restitution and a $5,000 fine. U.S. District Court Judge Tanya Walton Pratt handed down the sentence earlier this month.
According to court documents, Szwast systematically embezzled more than $2 million from a non-profit insurance statistical agency based in Indianapolis, listed as Company A in court records, over the course of 17 years.
An online search indicated Szwast worked at National Independent Statistical Service, which collects and reports statistical data for property and casualty insurance companies.
From 2008 to 2022, Szwast served as Company A’s chief executive officer, granting her access to its banking and accounting systems, according to court documents.
Attorney Jennifer Lukemeyer, listed in court records as Szwast’s c0-counsel, declined to comment via email on the verdict and sentence.
Jeff Patterson, president & CEO of National Independent Statistical Service, said in an emailed statement, “We are deeply disappointed by the former CEO’s actions. With this matter now resolved and behind us, our focus is on delivering high-quality service and strong support for our members.”
Authorities said Szwast diverted company funds to pay personal expenses, such as credit card bills, golf equipment, wine, and luxury travel, including an 11-day stay at the Four Seasons in Hawaii.
She carried out the scheme through 13 fraudulent wire transfers to herself, averaging more than $33,000 per transaction and reaching as high as $66,000 in a single transfer, court records show. She also wrote 219 checks to herself. This theft occurred despite her annual salary of approximately $188,000.
As part of her responsibilities, Szwast oversaw the company’s annual audits conducted by a certified public accounting firm. In 2008, she began falsifying audit reports using the firm’s letterhead and forging a CPA’s signature, authorities said. She then presented the fabricated financial statements to the board of directors to conceal her theft.
“Theresa Szwast’s conduct was not only criminal, but it was also profoundly greedy and selfish,” Tom Wheeler, U.S. Attorney for the Southern District of Indiana, said in a news release. “She betrayed the trust placed in her and created an illusion of stability for investors.”
The FBI investigated this case.
This story has been updated.
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