The former CEO and Chief Financial Officer of the Chestnut Ridge Golf Resort and Conference Center was sentenced yesterday to three years of probation, plus restitution and IRS penalties for spending company money for his own purposes.
U.S. District Judge Arthur Schwab ordered 55-year-old Rocco Panucci of Greensburg to repay the Burrell Township resort $354,000, along with $82,000 to the IRS. He must also perform 300 hours of community service and is barred from opening any new credit card accounts or lines of credit without the approval of his probation officer. Importantly, Judge Schwab waived any fines because he said Panucci would not be able to pay them.
Between 2007 and 2012, investigators found that Panucci had used $354,027 of the company’s money to pay for personal expenses, such as travel, leisure, dining, entertainment, and even his children’s college tuition. One tactic he used was having the resort’s American Express statements mailed to his home and then covering up his spending by fabricating apparently legitimate expenditures.
Before his sentencing, Panucci apologized and told the judge that he’s been unable to get work in business and finance, and is attempting with his sons to open a convenience store/deli to make a living and earn the money to pay for his restitution.
