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Waterloo man pleads guilty in federal court after embezzling $228,000 from local business

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  • Staff Report 

A Waterloo man has pleaded guilty to wire fraud in federal court after embezzling a total of more $228,000 from a local business.

Michael Stein, of Waterloo, was accused of devising a scheme to defraud BellAngelo Wineries in Dundee, where he was employed as an office manager and bookkeeper.


Prosecutors say Stein embezzled $131,437 through payroll, and another $77,736 through unauthorized petty cash payments. He also made unauthorized ATM withdrawals totaling $19,400.

Sentencing is scheduled for May 22nd.