Powell man's $27M embezzlement scheme results in prison sentence, Tesla seizure

A judge sentenced a Powell man to five years in federal prison after he admitted to embezzling more than $26 million from his employer.

Yi He, 36, had previously pleaded guilty in U.S. District Court in Columbus to charges of wire fraud and filing a false tax return.

U.S. District Judge Sarah Morrison ordered Yi to spend five years in federal prison and to pay restitution of more than $27 million to his former employer. Yi will also have to surrender a Tesla bought with the illegally obtained money.

Federal prosecutors said Yi was the only person responsible for payroll and payroll taxes while working for Roundhill Furniture, a company that provided furniture to other retailers like Wayfair, Overstock, Kohl's, Walmart and Ashley Furniture.

Between 2018 and 2022, Yi moved company money into his own investment accounts. He went undetected by submitting false bank and financial statements to company leadership.

The total losses to the company totaled $26.5 million, federal prosecutors said.

Yi also stole $635,000 from a separate limited liability corporation he helped manage. The LLC operated as an incentive and supplemental retirement fund for employees of Roundhill Furniture who had 10 or more years of experience with the company.

Federal prosecutors also said Yi had not accurately reported his income to the IRS for the tax years between 2018 and 2021, amounting in a total tax loss of $6.8 million.