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November 17, 2023

Ex-CFO accused of embezzling $890K from Milford company


A Weston man faces federal charges for allegedly embezzling $890,000 from Milford-based Indeco North America while he served as the company’s chief financial officer.

A federal grand jury in New Haven on Nov. 8 indicted Charles M. Ameer, 64, of Old Farm Road, Weston, on three counts of wire fraud.

Ameer entered a “not guilty” plea during a court appearance Thursday before U.S. Magistrate Judge S. Dave Vatti. Ameer is free on a $500,000 bond.

Ameer served as chief financial officer at Indeco North America, a wholly owned subsidiary of Indeco Ind. S.P.A, headquartered in Milford, from 2017 through 2022, court documents show. 

The business supplies construction equipment, such as excavators, pulverizers and mulching heads, according to its website. It serves customers in industries such as building, demolition and forestry.

According to the U.S. Attorney’s office, in October 2017, Ameer created a $40,000 check, which was drafted on Indeco’s bank account and made payable to the order of “WSC.” Ameer used this check to reimburse the Weston Soccer Club, located in Weston, for money he had previously taken from the club without its permission, prosecutors allege.

Over a period of years, Ameer created about a dozen checks, drafted on Indeco’s bank account and made payable to himself. He then deposited the checks, which totalled $850,000, into his personal bank account and used the money for his own benefit, according to the government.

Ameer, a certified public accountant, first started working at Indeco in 2016 as controller. 

In a 2023 interview with the Federal Bureau of Investigation, Ameer allegedly acknowledged to investigators that he created and deposited the checks, according to an FBI affidavit.

“Ameer stated that he did this because of financial problems he was experiencing, but he wanted to repay the funds to Indeco over a period of time,” the affidavit states.

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