A Manhattan District court sentenced a mother and son to between four and 12 years in state prison Tuesday for stealing more than $16 million from two textile companies in SoHo in New York City.
The defendants Judy Del Galdo, 67, and her son Joseph Del Galdo, 46, were arrested in June for pilfering $6 million in funds from Hi-Fashion Fabrics Inc. and $10 million from its sister company, Timeless Treasures Fabrics Inc. Judy Del Galdo worked for the family-owned firms for 22 years as a bookkeeper. According to the court, from August 2003 to April 2010, Del Galdo funneled the stolen monies into her son’s bank account.
Defendants were ordered to pay $15,523,139 each in restitution to the victims, of which they have already paid $850,000.
“This mother-son duo made it their family business to steal millions of dollars and squander the funds on jets, yachts, cars and other luxury items,” said District Attorney Cyrus Vance Jr. “This sentence and restitution order will help make the victims whole.”
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In addition to spending millions on living the high life, the defendants also diverted $6.7 million to Joseph Del Galdo’s now-defunct ambulance company.
On Nov. 18, the Del Galdos plead guilty to grand larceny in the first degree and money laundering in the first degree. Judy Del Galdo also pleaded guilty to forgery in the second degree.
The defendants were convicted on all counts.