A Virginia Beach woman was sentenced to four years in prison for wire fraud, following an embezzlement scheme and fraudulent use of COVID-19 relief funds, leading to over a million dollars in losses.
Maria Gene Reich, 45, served as President of ASOC, Inc., operating under the name On Call Accountants (OCA), a bookkeeping and payroll service provider for small businesses. Court records reveal that between January 2015 and December 2018, Reich embezzled approximately $1.1 million from a family-owned company, referred to as Company A, which manufactures condiments. Reich, who handled Company A’s bookkeeping, misused her access to the company’s financial accounts to make unauthorized payments to herself and cover personal expenses, including dining, travel, and retail purchases.
In addition to the embezzlement, Reich also exploited the COVID-19 Economic Injury Disaster Loan (EIDL) program, intended to help small businesses during the pandemic. She secured a total of $500,000 in loans from the Small Business Administration, falsely certifying that the funds would not be used for personal expenses. Instead, Reich used a significant portion of the EIDL funds to purchase a home, pay off personal debts, and cover various household and personal expenses.
Her sentencing marks the culmination of a scheme that not only defrauded a local business but also misused federal relief funds designed to assist businesses during a time of crisis.