Employee Who Stole More than $430,000 from San Diego Regional Economic Development Corporation Sentenced

SAN DIEGO - Escondido resident Katherine Lu Acquista, the former director of operations and accounting for the San Diego Regional Economic Development Corporation, was sentenced in federal court today to 12 months and 1 day in custody for stealing approximately $433,275.89 from her then-employer. She was also ordered to pay a fine of $50,000.

According to court documents, while employed at the non-profit organization known as EDC, Acquista used her access and authority to put personal expenses on EDC credit cards and pay those expenses using EDC funds. She also directed other employees to issue checks to her from the EDC company bank account. She then caused false entries about these transactions to be made in the EDC's accounting system to disguise her ongoing theft. In addition, she stole from EDC's flexible spending and payroll system. All told, she exploited her position of trust to steal more than $430,000 over at least a five-year period, between August 2017 and August 2022.

The EDC is a 501(c)(3) charitable non-profit organization that works to grow San Diego's economy and regional prosperity. The EDC's mission is to maximize the region's economic competitiveness and global competitiveness. It is funded by individual and corporate donations, grants and investments from nearly 200 companies, public agencies, and private organizations.

Explaining the impact of her crimes, the Chief Operating Officer of EDC stated, "[San Diego Regional Economic Development Corporation] is a nonprofit organization with a mission to maximize the region's economic prosperity and raise our global competitiveness. Acquista'sactions defied two of our closely held values - accountability and integrity."

"Members of our community who donate to local non-profits depend on the integrity and stewardship of those entrusted with such funds," said U.S. Attorney Tara McGrath. "This sentence serves to remind those engaged in crime for profit that whether your victim is the taxpayer, government, or a local non-profit, you will be held accountable."

"Those who seek to misappropriate non-profit donations are acting contrary to the interest of the public good. The FBI stands ready to investigate those who violate the trust of the donors and diminish the efforts of non-profit organizations such as the San Diego Regional Economic Development Corporation," said San Diego FBI Special Agent in Charge Stacey Moy.

This case is being prosecuted by Assistant U.S. Attorney Valerie H. Chu. Former Assistant U.S. Attorney Michelle Wasserman assisted in the case.

DEFENDANT Case Number 24CR0765-AJB

Katherine Lu Acquista Age: 47 Escondido, CA

SUMMARY OF CHARGES

Wire Fraud - Title 18, U.S.C., Section 1343

Maximum penalty: Twenty years in prison and $250,000 fine

INVESTIGATING AGENCY

Federal Bureau of Investigation