Former Nonprofit CEO Sentenced to 33 Months in Federal Prison for $2 Million Embezzlement Scheme

Indianapolis, Indiana; December 26th, 2025

A former nonprofit chief executive officer has been sentenced to more than two and a half years in federal prison after pleading guilty to a long-running embezzlement scheme that diverted more than $2 million from the organization she led, according to an official release from the United States Department of Justice.

Federal prosecutors in the Southern District of Indiana stated that Theresa Szwast, 58, was sentenced to 33 months in prison after admitting to wire fraud related to her misuse of nonprofit funds between 2008 and 2022. Szwast served as the chief executive officer of a nonprofit insurance statistical agent based in Fishers, Indiana, during the period of the offenses.

According to court records summarized by the Department of Justice, Szwast abused her position of trust by transferring nonprofit funds to herself for personal use, including luxury travel, consumer purchases, and payment of personal expenses. Prosecutors stated that the scheme included at least 13 wire transfers totaling hundreds of thousands of dollars, along with more than 200 checks written directly to Szwast from the organization’s accounts.

The DOJ release further stated that Szwast attempted to conceal the theft by falsifying audit documentation. Prosecutors reported that she forged audit letters and signatures from a certified public accounting firm and presented those documents to the nonprofit’s board of directors to disguise the organization’s true financial condition.

In addition to the prison sentence, the federal court ordered Szwast to pay a $5,000 fine and $2,172,679.87 in restitution to the nonprofit. She was also sentenced to two years of supervised release following the completion of her prison term.

The Department of Justice stated that the investigation was conducted by the Federal Bureau of Investigation, with prosecution handled by the U.S. Attorney’s Office for the Southern District of Indiana.

Federal prosecutors emphasized that nonprofit leaders hold fiduciary responsibilities and that the misuse of charitable or organizational funds for personal gain is subject to federal criminal penalties.

Sources

Primary First-Hand Sources

• UNITED STATES DEPARTMENT OF JUSTICE, U.S. Attorney’s Office for the Southern District of Indiana, official press release detailing the sentencing of a former nonprofit CEO for a $2 million embezzlement scheme, December 2025