BRIDGEPORT — Lee Ferguson, former owner of Ferguson Electric Co., Inc. and Ferguson Mechanical Co., Inc., was sentenced to 20 months in prison for stealing over $3.3 million from his employees.
Judge Shea announced the sentencing Monday and also ordered Ferguson to pay a $200,000 fine.
Between 2013 and 2017, Ferguson caused to be deducted about $1.60 to $3.15 per hour from each of his employee’s fringe benefits package as a “third party administrator fee” for the employees’ pension plans.
Ferguson used the money he collected, laundered it, so he could use it for his own person expenses.
Through the scheme, Ferguson stole $3,357,516 in total from more than 300 employees. He pleaded guilty to the one count of money laundering in July 2019.
A statement was released by a spokesperson for Ferguson that said he resigned from his position of owner last year.
“Mr. Lee Ferguson resigned and relinquished all interests in Ferguson Electric Co., Inc. and Ferguson Mechanical Co., Inc. last spring. He has taken full and complete responsibility and at no time did anyone else at his former companies participate in or was aware of his actions or motives. Full restitution had been made to effected employees prior to his sentencing today.”