By Chris Sheldon | NJ.com
nj.com
(TNS)
A Bergen County, NJ, man and former revenue agent for the IRS was arrested Thursday for allegedly embezzling more than $12 million dollars and laundering money during his time as the CFO and controller of a Garden State-based fuel company.
Robert M. McCloughy, 43, of Carlstadt, was charged with wire fraud and two counts of engaging in monetary transactions involving criminally derived property, the U.S. Attorney’s Office District of New Jersey announced Friday.
After leaving the IRS, McCloughy was hired by the unidentified fuel company in 2009, where he served interchangeably as the CFO and controller, the office said.
From March 2017 through March 2025, McCloughy misappropriated about $12 million from the company, separate and apart from what he was paid, investigators said.
He did so by having the fuel business’ payroll company pay him unauthorized “expense” reimbursements and by making unauthorized transfers from the business’ bank accounts to his personal bank accounts, federal prosecutors said.
To hide his alleged crimes, McCloughy made false entries in the fuel company’s books and records, the office said.
Upon receiving the funds, he engaged in money laundering transactions, including gambling large sums at online sportsbooks and casinos.
No attorney was listed for McCloughy.
Photo credit: wirestock/Freepik
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