A former executive at a commercial real estate agency in Orange County has pleaded guilty to embezzling over $2.7 million from the company. Varun Aggarwal, 41, from Irvine, admitted to wire fraud and now faces up to 20 years in prison when sentenced on January 22.
According to Aggarwal’s plea agreement, he worked for Newport Beach-based KBS Realty Advisors in their internal auditing department. Starting in January 2012 and continuing until January 2022, he abused his position to embezzle funds from the company.
As a member of the internal auditing group, Aggarwal had knowledge of KBS’s payment policies. He used this knowledge to involve his family and friends as approved vendors, who would then submit fraudulent invoices for consulting services that were never performed. Aggarwal funneled the payments from these invoices into his own bank accounts without the vendors’ knowledge.
In total, Aggarwal obtained approximately $2.72 million through this scheme before resigning from KBS in January 2022 when the company began investigating the invoices.
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