Former Umami exec sentenced in fraud case

Jaime Cuadra, former CFO of Oceanic Enterprises, was sentenced today to serve 41 months in custody for wire fraud and filing a false federal income tax return.

The charges stem from Cuadra’s embezzlement of more than USD 1 million from Oceanic and its parent company, Umami Sustainable Seafood.

Cuadra was also ordered to pay back the USD 1.09 million (EUR 808,916) as well as USD 387,348 (EUR 287,440) in back taxes to the IRS.

Cuadra admitted to falsifying Oceanic’s financial records by coding illicit transfers and expenses as legitimate business expenses.

According to federal prosecutors, Cuadra used the embezzled  funds to support other ventures and for personal use.

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