Latest news with #Schnitzer
Yahoo
4 days ago
- Business
- Yahoo
Florida man sentenced to over four years for embezzling $5.8M from employer
BOSTON (WWLP) – A Florida man who served as a finance director has been sentenced to more than four years in federal prison for embezzling over $5.8 million from his employer, prosecutors announced Thursday. Ten arrested in multi-location drug bust in Holyoke Paul Schnitzer, 52, of Clermont, Fla., was sentenced in U.S. District Court in Boston to 54 months in prison and three years of supervised release. Schnitzer was also ordered to pay $5,831,829 in restitution and forfeit assets he acquired through his scheme, including the balances of two financial accounts, subscription ownership shares in certain artwork, and up to $50,000 in cash held with luxury jeweler Bulgari. Federal prosecutors said Schnitzer carried out the fraud between January 2022 and May 2024 while working as the finance director of a Florida-based company owned by a Massachusetts investment firm. Over that period, he made more than 100 unauthorized transfers from the company's operating account into his personal bank account. Many of the transfers were falsely labeled as 'equity distributions,' according to court documents. To conceal the theft, Schnitzer used a company line of credit to replace stolen funds and further siphon money into his own account. Prosecutors said he also submitted falsified financial reports showing inflated cash balances to the company's owners and went so far as to spoof email addresses, posing as representatives from the company's bank and customers to mislead auditors. Schnitzer was initially released while awaiting trial, but was arrested again in June 2024 after he removed his court-ordered location monitoring device. He was later found to have used a company credit card to make more than $10,000 in unauthorized purchases in August 2024. Schnitzer pleaded guilty in the case earlier this year. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
14-05-2025
- Business
- Yahoo
Schnitzer family donates ‘landmark' $25M to University of Oregon global studies program
PORTLAND, Ore. (KOIN) – The University of Oregon announced a 'landmark' $25 million donation from the Schnitzer family on Tuesday — aiming to bolster the school's global impact. The donation was led by Portland real estate developer, and UO alumnus, Jordan Schnitzer along with the Harlod & Arlene Schnitzer CARE Foundation — marking the largest-ever commitment to UO's College of Arts and Sciences. With the $25 million, the school is launching advancements in global education and research, while aiming to become one of the top schools for international studies.'The challenges facing our world today are vast and complex,' UO President Karl Scholz said. 'Solutions will require bold ideas, cross-disciplinary collaboration and thoughtful dialogue. This incredible gift from the Schnitzer family will be a powerful catalyst, empowering our faculty, students and staff to address these critical issues. We are deeply grateful for this partnership, which strengthens the UO's role as a trailblazer in fostering critical inquiry, logical reasoning, effective communication, creative action and ethical leadership on a global scale.' In recognition of the investment, University of Oregon's School of Global Studies and Languages will be renamed the Schnitzer School of Global Studies and Languages. The school said the investment will help students 'tackle the world's most challenging problems,' in part, by funding the new Center for Global Futures. The school describes the center as a hub for scholars and experts dedicated to understanding and educating others on ways to address challenges around the world. Other initiatives supported by the Schnitzer donation include lectures from renowned speakers discussing topics of global significance, annual conferences, a visiting scholars-in-residence program for scholars, experts and international journalists to collaborate on 'cutting-edge research' and the Harold Schnitzer Scholar Prize, to honor excellence in global research. 'At this moment of world history, the importance of the school cannot be overstated,' said Aneesh Aneesh, a professor of global studies and executive director of the Schnitzer School. 'Caught between the forces of globalization and still-resilient communal loyalties, every society is facing contradictory pulls on its social fabric. Whether graduates of the Schnitzer School are employed in foreign service, NGOs, think tanks, global businesses or the public sector, they will help light up the path forward in a divided world. They will be our contribution to the global public good.' The NBA's Portland Trail Blazers are going up for sale The donation will additionally help the program create a new major in international relations, offer awards to attract and retain faculty in global studies and languages, and support a tenure-track senior scholar. The funds will also support graduate students' research and teaching and will grow the doctoral student population at the Schnitzer School. The donation from Harold and Arlene Schnitzer — and their son Jordan Schnitzer — adds to the family's philanthropic legacy, including support for UO. Jordan previously gifted a renovation to UO's art museum, which was later renamed the Jordan Schnitzer Museum of Art. 'We are delighted that the school will be named in honor of the Schnitzer family, given their long commitment to social causes, philanthropy, and business,' said Chris Poulsen, the Tykeson Dean of the College of Arts and Sciences. 'Their investment will be transformative for the new school and will make possible new global experiences and engagement for our students and faculty.' 'Today, it does not matter what business you're in or who you work for. It's a global world,' Jordan Schnitzer said. 'This world is facing challenges that we have not seen for decades. I do not have the answers to eliminate hunger or end religious, ethnic or political disputes. What I do know is that we need young leaders who are prepared to make the world a better place.' The Schnitzer School will still be based in Friendly Hall on the university's Eugene campus after a major renovation, which is slated to begin in late summer. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Time of India
14-05-2025
- Business
- Time of India
University of Oregon's new global studies school receives record $25 million gift amid rising US international challenges
University of Oregon receives record $25 million for global studies amid rising US challenges University of Oregon 's new global studies school receives record $25 million gift amid rising US international challenges The University of Oregon has received a record-setting $25 million donation from Jordan Schnitzer and the Harold & Arlene Schnitzer CARE Foundation, marking the largest private contribution ever made to its College of Arts and Sciences . The funding will be used to elevate the university's global studies and languages programs and to prepare students for leadership roles in international affairs. Announced on May 6 at a press conference in Portland, the donation comes at a time of increasing global instability and significant cuts to US international aid programs. As reported by OPB, university officials emphasized that the funding will help expand the university's global education initiatives, enabling students to develop critical skills for navigating complex global challenges. A transformative gift for global education According to the University of Oregon, this is the largest gift ever dedicated to its College of Arts and Sciences, where about two-thirds of all undergraduate students are enrolled. As part of the announcement, the college's global studies school will be renamed the 'Schnitzer School of Global Studies and Languages.' The gift is intended to support a wide range of initiatives, including the recruitment and retention of top-tier faculty in global studies and languages. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like AI guru Andrew Ng recommends: Read These 5 Books And Turn Your Life Around in 2025 Blinkist: Andrew Ng's Reading List Undo A new tenure-track scholar will be hired, and the donation will help launch a new undergraduate major focused on international relations. The program is designed to take an interdisciplinary approach to global issues and prepare students for careers in foreign service, NGOs, think tanks, international business, and public service. Positioning the US for future global leadership Schnitzer expressed his vision during the May 6 press conference, stating that the goal is to equip the next generation with the knowledge and passion to address both local and global challenges. 'If there's anything that'll help make a difference down the road, it's having informed young people that realize they need to wake up every day and have the passion to make the world a better place,' Schnitzer said, as quoted by OPB. This investment arrives at a pivotal time for US global engagement. Portland-based Mercy Corps recently reported that cuts to the US Agency for International Development are forcing the organization to eliminate more than two-thirds of its federally funded programs, as noted by OPB. New initiatives and national significance The Schnitzer School of Global Studies and Languages will also house a newly established Center for Global Futures. According to the University of Oregon's press release, the center plans to host a lecture series, annual conferences, a scholars-in-residence program, and an annual Harold Schnitzer Scholar Prize to recognize outstanding contributions to global research. University President Karl Scholz described the donation as a critical boost to the university's mission. 'We're never about teaching our students what to think, but how to think,' he said. 'And the Schnitzer School is a wonderful locus for that kind of work to happen,' as reported by OPB. Professor Aneesh Aneesh, who teaches global studies at the university, emphasized the importance of this initiative. 'Caught between the forces of globalization and still-resilient communal loyalties, every society is facing contradictory pulls on its social fabric,' he stated. He added that graduates from the Schnitzer School will help lead the way in a divided world, according to OPB. This historic donation is expected to increase graduate student support, enhance teaching and research efforts, and expand the doctoral student population in global studies—offering a timely investment in the future of US global leadership. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Boston Globe
05-02-2025
- Business
- Boston Globe
Florida man pleads guilty to bilking Fla. company, Mass. investment firm of millions
Court papers said a Massachusetts investing firm, identified only as Company A, had a controlling investment in Company B. Schnitzer, the indictment said, funneled cash from Company B's accounts to a personal investment account that he controlled. Advertisement The filing said he labeled most of the transfers as ''equity distributions,' thereby creating the false impression that the transfers to his personal investment account were payments to one or more of Company B's equity holders.' To hide the fraud, authorities said, Schnitzer 'falsified the monthly financial reports for Company B to show inflated cash balances in Company B's accounts, and transmitted those falsified reports by email to Company B's board of managers, which included representatives of Company A who were located in Massachusetts.' The scheme came to light, court papers said, when the IRS flagged two missing quarterly tax payments from Company B that Schnitzer was normally responsible for processing. On May 19 of last year, an affidavit said, Company A revoked Schnitzer's access to Company B's systems. Schnitzer sent a text to the president of Company B the following day that read, ''[W]hile I thought you were in to check on things this week, it has unfortunately become apparent to me with the locking of my access that you no longer want me as an employee,'' the affidavit said. 'This deeply saddens me as the situation of tax was a fixable problem and again my apologies for that. I'm saving you the trouble of a difficult, emotional conversation as I've thoroughly enjoyed working and learning from you over the years. … Thank you for everything as it has been a pleasure working with and I wish you all the best.' Advertisement A plea deal filed in the case said Schnitzer faces a maximum sentence of 20 years behind bars, and that prosecutors will recommend a prison term 'within the Guidelines sentencing range' for him. The feds will also seek a restitution order of $5.8 million for Schnitzer, who's been down this road before. 'Public court records indicate that Schnitzer pleaded guilty to one count of wire fraud in February 2003,' said the affidavit filed last May. 'The court sentenced him to 24 months in prison and ordered restitution in the amount of $715,000. Based on the payments reflected on the public docket, I believe that Schnitzer continues to owe over $700,000 in restitution in connection with that case.' His sentencing is scheduled for May 6, records show. He's currently in custody. Travis Andersen can be reached at
