CMG Vending Inc. Pension Trust Fund Trustee Sentenced To 30 Months In Prison

Bergen County Man Sentenced to 30 Months in Prison for Embezzling Funds from Employee Benefit Plan

Howard Preschel, who served as the sole trustee for the pension trust fund for CMG Vending Inc., which operated, leased and rented vending machines in New York and New Jersey, has been sentenced to 30 months in prison and three years of supervised release for embezzling funds from the employee benefit plan, U.S. Attorney Craig Carpenito announced Feb. 18, according to a press release from the U.S. Attorney's Office District of New Jersey.

Preschel, 63, of Teaneck, New Jersey, had plead guilty. According court statements and documents, over the course of 8 years, he embezzled $368,782.66 from the pension trust fund by engaging in 52 separate illegal withdrawals or transfers from various pension trust accounts, and the trust fund accounts lost an additional $93,266.98 in interest due to these actions, the release stated.