Derickson Lawrence, a former CEO of a Mount Vernon payroll services company and a past Congressional candidate, has been found guilty of defrauding restaurant employees and misusing funds from a COVID relief program. The conviction comes after federal authorities revealed Lawrence’s fraudulent activities involving hundreds of thousands of dollars.
According to authorities, Lawrence diverted more than $230,000 in wages intended for a client in Virginia Beach to his personal brokerage account between 2017 and 2019. Instead of fulfilling payroll obligations, he engaged in risky trading that resulted in substantial financial losses. Additionally, Lawrence misappropriated employees’ pay to purchase pre-paid debit cards, further exacerbating the financial mismanagement.
Lawrence’s actions not only deprived restaurant workers of their rightful wages but also exploited funds intended to support businesses during the COVID-19 pandemic. The misuse of relief funds raises serious concerns about accountability and transparency in financial assistance programs aimed at aiding businesses and individuals affected by the pandemic’s economic fallout.
At 67 years old, Lawrence now faces the prospect of a lengthy prison sentence, with a potential term of up to 20 years when he is sentenced in July. This conviction marks a significant legal and ethical downfall for Lawrence, who previously sought political office as a Congressional candidate but faced defeat in elections against Congressman Eliot Engel in both 2016 and 2018.
The case serves as a stark reminder of the consequences of financial misconduct and fraud, particularly during times of economic hardship such as the COVID-19 crisis. It also highlights the importance of robust oversight and enforcement measures to safeguard against exploitation and misuse of public and private funds.
