Theresa Szwast, 58, of Fishers, has been sentenced to 33 months in federal prison, followed by two years of supervised release, after pleading guilty to wire fraud. Szwast has also been ordered to pay a $5,000 fine and $2,172,679.87 in restitution.
According to court documents, Szwast systematically embezzled more than $2 million from her employer, a non-profit insurance statistical agent based in Indianapolis, over the course of 17 years. From 2008 to 2022, Szwast served as the organization’s Chief Executive Officer (CEO), granting her access to its banking and accounting systems.
Szwast diverted company funds to pay personal expenses, such as credit card bills, golf equipment, wine, and luxury travel, including an 11-day stay at the Four Seasons in Hawaii. She carried out the scheme through 13 fraudulent wire transfers to herself, averaging more than $33,000 per transaction and reaching as high as $66,000 in a single transfer. She also wrote 219 checks to herself. This theft occurred despite her annual salary of approximately $188,000.
As part of her responsibilities, Szwast oversaw the company’s annual audits conducted by a Certified Public Accounting (CPA) firm. In 2008, she began falsifying audit reports using the firm’s letterhead and forging a CPA’s signature. She then presented the fabricated financial statements to the Board of Directors to conceal her theft.
“Theresa Szwast’s conduct was not only criminal, but it was also profoundly greedy and selfish. She betrayed the trust placed in her and created an illusion of stability for investors. Her deception forced dedicated employees to reconstruct accurate records and restore funds, disrupting their work on the core mission, all while enjoying her own lavish lifestyle,” said Tom Wheeler, United States Attorney for the Southern District of Indiana. “This sentence reflects the seriousness of her crimes and the lasting harm she inflicted, showing once again that those who abuse positions of trust for personal gain will be held accountable.”
“Diverting funds for personal luxuries is a serious abuse of trust. The defendant chose to take funds meant to support the organization and use it for her own benefit,” said FBI Indianapolis Special Agent in Charge Timothy J. O’Malley. “The FBI will continue to investigate and disrupt financial fraud schemes and hold accountable those who misuse their positions.”
The FBI investigated this case. The sentence was imposed by U.S. District Court Judge Tanya Walton Pratt.
Lawrence County bridge construction project
Low voter turnout for Lawrence County primary election
New track chairs make Indiana a national leader in accessibility at state parks
Bridgeport Grade School kindergarten roundup
Lawrenceville City Council welcomes new member
Special Olympics Indiana hosting 54th annual state basketball tournament
Preschool screenings coming up for Lawrence Unit #20
LCMH to add new services
BMV warns of scam, more deceptive messages
St Francisville dealing with multiple issues
Lawrence County seeking I.D.C. Director
Tate to drop withdraw of guilty pleas
Wind Advisory issued for region
Authorities arrest two in Lawrence County
Sumner to get grant for water system expansion
Knox County man sentenced to prison
Flooding impacting an area local utility, flood-prone homes to be disconnected
Embarras River Flood Warning extended
EIU Super-Sectional game audio: Lawrenceville 48, LeRoy 26 (original air date March 9, 2026)
Lawrence County authorities make three weekend arrests
