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State Police Arrests Subject for Embezzlement of $650,430 and Forgery

Contact: Lieutenant Benjamin Barney, Acting Assistant Detective Commander, Telephone: (401) 444-1220

Colonel Steven G. O'Donnell, Superintendent, of the Rhode Island State Police and Commissioner of Public Safety, announces that on Friday, November 9, 2012, members of the Financial Crimes Unit arrested Stephen R. Marano, age 42, of North Providence, Rhode Island for Embezzlement and Forgery. The investigation conducted by the Financial Crimes Unit was the result of a complaint filed by a Johnston physician. Stephen Marano was taken into custody at his residence in North Providence.

In March 2012, the complainant, a Johnston resident, filed a complaint with the Financial Crimes Unit alleging that Stephen Marano had embezzled $650,430 from his private neurological practice. The complainant has been in business for over twenty years and holds an office in Johnston, Rhode Island. Stephen Marano worked for the complainant as an office manager/bookkeeper for over fifteen years. In March 2011, an unauthorized bank account was discovered in which Stephen Marano was diverting insurance payments and subsequently withdrawing the funds for his personal use. The investigation revealed that Stephen Marano had forged the complainant's name to open the unauthorized checking account. A review of the use of the funds showed that since 2006, Stephen Marano issued numerous checks to himself and made several cash withdrawals.

Stephen Marano was arrested at his residence, processed at the Lincoln Barracks and arraigned at Third Division District Court on the above charges. He was released on $10,000 personal recognizance. If convicted, Stephen Marano faces up to a maximum of twenty years in prison and a $50,000 fine for the embezzlement charge and up to a maximum of ten years and a $1,000 fine for the forgery charge.

Related links

Department or agency: Rhode Island State Police

Online: http://www.risp.ri.gov

Release date: 11-09-2012

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