The former CFO of two Boston-area companies was recently indicted with embezzling over $3 million from his former employers.

Edward J. Abell III was indicted on five counts of wire fraud and three counts of money laundering. Abell was charged in a criminal complaint with wire fraud and money laundering in October 2017.

Abell served as vice president of finance and later CFO of a global integrated marketing agency based in Boston. He oversaw all aspects of the company’s finances and controlled all corporate bank accounts. It is alleged that between 2006 and his departure in 2016, Abell embezzled over $3.7 million from his employer by writing company checks to Pinehurst Tax Assoc. – a firm Abell owned. However, Pinehurst allegedly did not provide any services to Abell’s employer. Rather, it is alleged that Abell used Pinehurst as a shell company through which he channeled embezzled funds to personal bank accounts.

According to court documents, in late 2016, after he was terminated from the marketing and public relations firm, Abell was hired as CFO of a Boston-based consulting and investment banking firm, where he continued his scheme and embezzled over $140,000.