The former CFO of the U.S. Council for International Business has pleaded guilty to embezzlement and tax evasion for allegedly stealing more than $1.3 million from the organization.

Paul Cronin, 55, pleaded guilty Wednesday to one count of wire fraud and one count of making and submitting a false tax return during his time as CFO of USCIB, according to a news release from the U.S. Attorney's Office for the Eastern District of New York. The $12 million-revenue association is based in New York City.

"Cronin's misappropriation of more than $1 million, and subsequent tax evasion, didn't support the efforts of free trade, as advocated by the organization, but instead supported his personal efforts to pay his own expenses," Assistant Director-in-Charge William Sweeney said in a statement.

"This type of reprehensible and illegal activity won't be tolerated, and those who employ these schemes will most certainly be brought to justice," he added. http://bit.ly/2pLixVj

In a statement to the New York Law Journal, USCIB said the association "remains in a strong financial position" despite the embezzlement and is looking to "obtain restitution through the appropriate judicial process." http://bit.ly/2q34WtB

USCIB promotes pro-open market policies and included some 300 multinational companies among its members. The group is the U.S. affiliate of the International Chamber of Commerce, Business and Industry Advisory Committee to the OECD and International Organization of Employers.

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