ANGOLA, IN (WTVB) – Heather Anne David, the former Chief Financial Officer of PayServ Systems LLC in Angola, has pleaded guilty to seven counts of Class C felony wire fraud in U.S. District Court after accepting a plea bargain.
The charges stem from an unauthorized scheme throughout 2024 where David used a specific credit card account to execute multiple fraudulent transfers.
The diverted funds were part of a broader collapse that left major clients and vendors facing massive deficits, with losses including over $2.2 million for Midwest retailer Dunham Sports and hundreds of thousands of dollars for multiple other regional companies.
Under the terms of the signed plea agreement, each count of Class C wire fraud carries a maximum statutory penalty of 20 years in federal prison and three years of probation.
By admitting guilt and waiving her right to a jury trial, David remains eligible for a multi-level offense reduction during her upcoming sentencing, which could lower the severity of the charges to Class E felonies.
In addition to potential prison time, David is legally required to pay $59,235.25 in direct restitution alongside statutory fines equal to twice the derived gain, totaling an extra $118,470.50.
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