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SAN FRANCISCO – June, 2025
A federal jury has convicted Antonietta Nguyen, 57, of Brisbane, California, for orchestrating a multi-year embezzlement and fraud scheme that defrauded her employer, a San Francisco-based seafood wholesaler, of more than $9 million, announced U.S. Attorney Craig H. Missakian.
Nguyen, the former Chief Financial Officer and a minority shareholder of ABS Seafood, was found guilty of wire fraud, conspiracy to commit wire fraud, money laundering conspiracy, and tax evasion following a two-week trial before Senior U.S. District Judge Susan Illston.
Fraudulent Conduct and Lavish Spending
Between January 2014 and May 2020, Nguyen misused company funds to finance a lavish personal lifestyle. Evidence presented at trial showed she:
- Charged personal expenses to company credit cards
- Diverted corporate funds to pay her personal credit card balances
- Spent embezzled funds on luxury goods (including Louis Vuitton, Hermès, and Chanel), international travel, property taxes, and college tuition for a relative
Investigators determined that Nguyen misappropriated approximately $2.7 million directly through unauthorized spending.
Invoice Inflation and International Laundering
In a separate scheme, Nguyen conspired with family members operating a Filipino seafood exporter, Pescaderia Pacifica International, Inc., to submit inflated invoices for tuna imported by ABS. The company paid more than double the actual value of the shipments, with excess funds routed back to U.S. bank accounts held by Nguyen’s husband and daughters.
Tax Evasion Charges
Nguyen also evaded personal income taxes in 2018 and 2019 by underreporting income, leading to additional federal charges for willful tax evasion.
Official Statements
“The defendant exploited her position of trust to enrich herself at the expense of her business partners,” said U.S. Attorney Craig H. Missakian. “This verdict ensures accountability and sends a strong message to corporate fraudsters.”
“Nguyen systematically stole millions to bankroll a luxury lifestyle,” said FBI Special Agent in Charge Sanjay Virmani. “Her conviction is a testament to our commitment to financial integrity and justice.”
“This brazen scheme was a breach of trust and a violation of federal law,” added IRS-CI Special Agent in Charge Linda Nguyen. “IRS Criminal Investigation remains at the forefront of uncovering and prosecuting white-collar crimes.”
Next Steps and Sentencing
Nguyen remains free on bond pending sentencing, which is scheduled for October 10, 2025, before Judge Illston. She faces:
- Up to 20 years in prison and a $250,000 fine per count of wire fraud and conspiracy to commit wire fraud
- Up to 20 years and a $500,000 fine for money laundering conspiracy
- Up to 5 years and a $100,000 fine per count of tax evasion
Final sentencing will consider the U.S. Sentencing Guidelines and applicable federal statutes.
The case was prosecuted by Assistant U.S. Attorneys Sailaja M. Paidipaty and Colin Sampson with support from the FBI and IRS Criminal Investigation.
For more information, visit: www.justice.gov/usao-ndca
