Former CFO of Louisville insurance brokerage pleads guilty of embezzling $2M

The former CFO of a Louisville insurance brokerage firm pleaded guilty to tax evasion and embezzling nearly $2 million during a two-year period.

Silvia Rebecca Smith of Louisville was charged with one count of wire fraud for devising an embezzlement scheme to obtain money from her employer, Market Finders Insurance Corp., and two counts of failing to report embezzled funds as income on her tax returns, according to a news release from U.S. Attorney Russell M. Coleman.

Under a plea agreement, Smith, 63, admitted that from July 2013 through April 2015, while employed as CFO of Market Finders, she generated fraudulent loan checks from the company and diverted the funds into a bank account of PBS Insurance Underwriting Corp., where she was a bookkeeper and her husband was the sole owner.

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