From 2010 until 2016, Byung Il “Peter” Bang was the COO of the county’s Department of Economic Development and, as part of his work, oversaw the disbursement of funds to business incubators.
Following the county’s agreement to develop a fund for the South Korean province Chungcheongbuk-Do in 2010, Bang set up four bank accounts in the name of the company, listing his home as the address of the LLC, federal prosecutors said.
Bang pleaded guilty to federal wire fraud and tax charges, admitting he used those fraudulent accounts under the name Chungbuk Incubator Fund LLC to embezzle $6.7 million to fuel his gambling addiction.
“The $6.7 million that he embezzled deprived Montgomery County taxpayers of funds that could have been used for schools, libraries and other expenditures, and harmed the County’s reputation,” said U.S. Attorney Robert K. Hur. “Corrupt public employees undermine everyone’s faith in government.”
He did not report the millions as income on his tax returns.
Bang will also be sentenced next month after pleading guilty to state charges of theft and misconduct in office.
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