The former president and CEO of a company aimed at building customers’ credit has been sentenced for stealing more than $400,000 in investment funding.
Matt Ryncarz, 33, pleaded guilty July 9 to 33 counts of theft and forgery for pocketing the investment money intended for eCredable, a company aimed at helping people improve their credit standing, according to a news release Friday from the Fulton County District Attorney’s Office.
Over the course of eight months between 2009 and 2010, Ryncarz deposited checks from investors into the company bank account and later diverted the funds for his personal use, authorities said. He then lied to his business partners about eCredable’s finances by creating fake bank statements for them to review, according to the release.
By the time Ryncarz’s crimes were discovered, only 21 cents remained in the company’s bank account, authorities said. Ryncarz was fired and started his own company that sells negative ion bracelets.
Ryncarz was convicted of five counts of theft by taking, 11 counts of theft by taking by fiduciary and 17 counts of forgery in the first degree. He was sentenced to 30 years of probation and must pay $412,499 in restitution, $250,000 of which he was ordered to pay within seven days of sentencing to avoid 10 years in prison.
According to his plea agreement, Ryncarz must complete 1,000 hours of community service and is no longer allowed to hold a fiduciary position or handle money for anyone outside his family.
