Princeton resident is accused of embezzling over $1 million
By: Courtney Gross
A Princeton Borough resident has been charged with theft by deception and has been concurrently snarled in civil litigation for allegedly embezzling over $1 million from a former Hamilton-based employer.
Jeffrey Gibb, 46, of 168 Westcott Road is being sued by Clear Advantage Title Co. after he requested thousands of dollars in checks for client expenses, but instead redirected the cash for his own personal use, according to court documents filed in the civil matter.
Mr. Gibb was a real estate title examiner for the Hamilton company, which issues title policies to assist in the buying and selling of homes, according to court documents.
Over the last two years, more than $23,000 was spent at Nassau Street’s Hamilton Jewelers to purchase jewelry for his wife, Holly Paxman, and one "possibly two" vehicles were acquired from Land Rover of Princeton all with embezzled funds, according to court documents.
Even Mr. Gibb’s Westcott Road residence which is in his wife’s name was purchased in part by checks from the Clear Advantage Title Co., court documents allege.
Over the course of Mr. Gibb’s nearly four-year employment with Clear Advantage, he embezzled $1,158,194, according to the court documents,
Mr. Gibb was initially turned over to the Mercer County Prosecutor’s Office in January following a motor-vehicle stop in Princeton. He was subsequently criminally charged and bail was set at $500,000, which he paid through a bond, said Casey DeBlasio, Mercer County Prosecutor’s Office spokeswoman.
Mr. Gibb is currently under criminal investigation and his case is still active, Ms. DeBlasio added. Because of anticipated grand jury proceedings, Ms. DeBlasio said she could not comment further on the criminal case.
According to court documents filed by Mr. Gibb’s attorney, Kevin Hart, the township resident was promised a share of the real estate title business as part owner. The matter, Mr. Hart said, is a dispute between two business partners.
"This is really a business dispute, despite what the complaint reads," Mr. Hart said.
According to a complaint filed late last year in Superior Court in Trenton, Clear Advantage President Ed Furfey was notified by First Constitution Bank of suspicious activity in the real estate company’s accounts. In October of 2006, Mr. Furfey confronted Mr. Gibb with the alleged embezzlement, which, according to the complaint, Mr. Gibb admitted to and promised to repay.
Mr. Gibb had been a "trusted employee and title examiner" and was also a longtime friend of his employer, court documents state.
Since then, according to court documents, Mr. Gibb has reimbursed his former employer $300,000. But more than $850,000 is still unaccounted for.
Both Mr. Furfey and his attorney did not return phone calls seeking comment.
In addition to partially funding the purchase of his residence and jewelry, Mr. Gibb also wrote checks to island resorts, for his child’s tuition at the Pennington School and for multiple credit card payments, according to court documents.
A check worth nearly $4,500 was written to the Cornell Club a Cornell University alumni organization, court documents state. Multiple checks were also cashed directly by Mr. Gibb, the complaint states, or deposited into his own bank account, court documents contend.
In response to his former employer’s complaint, Mr. Gibb has denied all of these allegations. According to court documents, Mr. Gibb is requesting the civil suit be dismissed and reimbursement for attorney’s fees.