Peninsula woman convicted of embezzling millions from seafood company

Published: Saturday, June 14, 2025 at 5:07 am

Peninsula Woman Convicted of Embezzling Millions from Seafood Company

SAN FRANCISCO - A jury has found Antonietta Nguyen, a 57-year-old resident, guilty of embezzling millions of dollars from ABS Seafood, a private seafood wholesaler and importer, where she served as the chief financial officer. The conviction follows a two-week trial and includes multiple counts of wire fraud, aiding and abetting wire fraud, conspiracy to commit wire fraud, conspiracy to transport monetary instruments for the purpose of laundering, and tax evasion.

Prosecutors presented evidence showing that Nguyen misused company funds from January 2014 to May 2020. She utilized a company credit card and funds from the company's bank account to cover personal expenses, including travel, luxury goods from brands like Louis Vuitton and Chanel, property taxes, and college tuition for a relative. The total amount misappropriated was $2.7 million over six years.

The prosecution also detailed an inflated invoice scheme involving Nguyen's family members, who operated Pescaderia Pacifica International Inc., a Filipino seafood exporter and a major vendor for ABS Seafood. Nguyen orchestrated the creation of false invoices, causing ABS Seafood to overpay for imported seafood. The excess funds were then distributed among her family members, with some money being wired to accounts held by her husband and daughters. Furthermore, Nguyen was found guilty of evading personal income taxes for 2018 and 2019 by underreporting her and her husband's joint taxable income.

Nguyen has been released on bond and is scheduled for sentencing on October 10. She faces significant penalties, including up to 20 years in prison and a $250,000 fine for each wire fraud count, 20 years in prison and a $500,000 fine for the money laundering conspiracy, and five years in prison and a $100,000 fine for each tax evasion count.

BNN's Perspective: This case highlights the importance of robust financial oversight within companies, regardless of size. While the scale of the embezzlement is substantial, the methods employed, such as the use of company credit cards for personal expenses and the manipulation of invoices, are not uncommon. The severity of the penalties reflects the seriousness of the crimes and the need to deter such fraudulent activities.

Keywords: embezzlement, wire fraud, tax evasion, seafood company, Antonietta Nguyen, fraud, money laundering, ABS Seafood, conviction, sentencing, financial crime, white collar crime, luxury goods, college tuition, false invoices, San Francisco

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