A Bergen County woman has admitted to embezzling more than $544,000 from a senior housing facility in Maywood, New Jersey. Elaine Benanti, 69, of Garfield, pleaded guilty on January 20 before U.S. District Judge Madeline Cox Arleo to charges related to stealing funds under the care of the Maywood Senior Citizens Housing Corporation (MSCHC), which operates Lydecker Manor.
According to court documents and statements made in court, Benanti served as Managing Director of Lydecker Manor from January 2017 through December 2021. The facility provides housing for individuals over age 62 or those with disabilities. Her duties included supervising staff, managing financial transactions, and reporting to the U.S. Department of Housing and Urban Development (HUD), which provided substantial funding for the facility.
Benanti admitted that she issued salary checks far above amounts approved by Lydecker Manor’s Board of Trustees for herself and four other employees. In one instance in 2021, she paid herself over $40,000 more than her approved annual salary of $132,613 and inflated her previous year’s bonus by more than $2,500. She also issued excessive payments for salaries, bonuses, and retirement accounts to four other employees between 2017 and 2021. Additionally, Benanti acknowledged making a supplemental insurance payment to a relative not employed by Lydecker Manor.
In total, she admitted embezzling approximately $544,289.95 through these actions. As part of her plea agreement with the government, Benanti agreed to forfeit this amount.
Senior Counsel Philip Lamparello stated: “Elaine Benanti…pleaded guilty before U.S. District Judge Madeline Cox Arleo…to embezzling…more than $544,000 of funds belonging to…and under the care…of the Maywood Senior Citizens Housing Corporation (MSCHC) which operated Lydecker Manor…”
The charge carries a maximum penalty of up to ten years in prison and a fine up to $250,000. Sentencing is scheduled for June 23.
Senior Counsel Philip Lamparello credited special agents with the Federal Bureau of Investigation under Stefanie Roddy in Newark as well as agents with HUD’s Office of Inspector General under Shawn Rice.
Assistant U.S. Attorney Mark J. McCarren represents the government; Anthony J. Iacullo is serving as defense counsel.
