Utah man Thomas Lynn Syddall, 50, has admitted to charges of embezzling more than $700,000 from a Helena company, according to U.S. Attorney Jesse Laslovich. Syddall, who worked for a company owned by Anderson ZurMuehlen & Co., pleaded guilty to wire fraud and money laundering-concealment as charged in an indictment.
Syddall now faces a maximum sentence of 20 years in prison, a $500,000 fine, or twice the value of the property involved in the transaction, along with three years of supervised release. Chief U.S. District Judge Brian M. Morris has set the sentencing for March 20, while Syddall has been released pending further proceedings.
According to court documents, Syddall worked as a salesman for Information Technology Corp., which was owned by Anderson ZurMuehlen & Co. From approximately March 2020 to August 2021, Syddall allegedly embezzled money through various means, including creating fraudulent purchase orders and invoices, stealing inventory, and directing payments to fictitious companies and unauthorized vendors.
The U.S. Attorney’s Office news release states that Syddall sold the unauthorized inventory on eBay and KSL Classifieds. When questioned by other employees about the discrepancies in orders and payments, Syddall allegedly sent misleading emails in an attempt to cover up and prolong the fraud.
Furthermore, Syddall is accused of concealing financial transactions by laundering proceeds from the wire fraud into third-party accounts, which he then controlled. The government’s investigation has identified approximately $759,100 in restitution.
Assistant U.S. Attorney Ryan G. Weldon is prosecuting the case, with the FBI and IRS Criminal Investigation conducting the investigation.