A former nonprofit chief executive officer in Indiana has been sentenced to federal prison after a long-running embezzlement scheme that drained more than two million dollars from the organization she was entrusted to lead.
Theresa Szwast, 58, of Fishers, Indiana, was sentenced to 33 months in federal prison, followed by two years of supervised release, after pleading guilty to wire fraud. In addition to her prison sentence, the court ordered Szwast to pay a $5,000 fine and $2,172,679.87 in restitution, representing the full scope of losses tied to the scheme.
According to court records, Szwast systematically embezzled funds from a nonprofit insurance statistical organization based in Indianapolis over a period of approximately 17 years. From 2008 through 2022, she served as the organization’s chief executive officer, a role that gave her direct control over banking, accounting, and financial reporting systems.
Federal investigators determined that Szwast used her position to divert organizational funds for personal use, paying for credit card balances, golf equipment, wine purchases, and luxury travel. Among the most notable expenditures was an 11-day stay at a luxury resort in Hawaii, funded entirely with misappropriated nonprofit money.
The theft was carried out through 13 fraudulent wire transfers sent directly to Szwast, with individual transfers averaging more than $33,000 and reaching as high as $66,000 in a single transaction. In addition, she wrote 219 checks to herself from organizational accounts. These actions occurred despite Szwast receiving an annual salary of approximately $188,000, according to court filings.
To conceal the scheme, Szwast exploited her oversight role in the organization’s annual financial audits. Beginning in 2008, she falsified audit reports, using legitimate accounting firm letterhead and forging a certified public accountant’s signature. The fabricated audit materials were then presented to the organization’s board of directors to create the appearance of financial stability and compliance.
Authorities stated that the deception forced employees and board members to later reconstruct years of financial records, diverting time and resources away from the organization’s mission and destabilizing its operations.
Federal officials emphasized that the case illustrates how abuse of executive authority and weak internal controls can allow financial crimes to persist undetected for extended periods, particularly within nonprofit organizations that rely heavily on trust-based governance structures.
The investigation was conducted by the Federal Bureau of Investigation. The sentence was imposed by a U.S. District Court judge in Indianapolis. The case was prosecuted by the United States Attorney’s Office for the Southern District of Indiana.
The defendant is required to serve the majority of her prison sentence under federal sentencing guidelines. Restitution enforcement and post-release supervision will continue following her incarceration.
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She had what I consider to be a very good salary, and she was still stealing? This is one case where she might have enough money to pay for everything she took. I hope so and I hope the non-profit gets everything it lost back.
No one should be given complete financial control of any organization like this unless they own it and in that case the owner should appoint a board or others to oversee the numbers and make the owner accountable for anything that looks suspicious.
This has been happening too often lately and no one should be surprised as honesty is harder to find in our world today.
Thank you for sharing today’s news, John. I hope you have a great night and may God bless you and yours always!
You’re very welcome, Chris. You’re absolutely right—cases like this often come down to a breakdown in oversight rather than a lack of compensation. No organization, especially a nonprofit, should rely on unchecked control over finances, regardless of trust or title. Strong governance and independent review are essential safeguards, not formalities. Unfortunately, we are seeing these failures surface more frequently, and they serve as reminders of why transparency and accountability matter. I appreciate you taking the time to share your perspective and for reading today’s news. I hope you have a great night as well, and I hope you have a great Christmas Eve and a great Christmas ahead. God bless you and yours always. 🎄✨🙏😎
Thank you for this reply, John. I completely agree that strong governance and independent review are essential safeguards, not formalities. Oversight is essential or things like this will continue to happen.
Thank you for your kind words. I hope you have a great Christmas Eve and a great Christmas as well. God bless you and yours always! 🙂