Matthew Hong, a 28-year-old from Middlesex, New Jersey and former Bureau of Labor Statistics economist pleaded guilty to one count of false statements after reportedly bilking his federal government employer out of over $13,300 in sick leave compensation while simultaneously working remotely for a New York-based global financial institution during the COVID-19 pandemic. The guilty plea was entered in U.S. District Court where Hong now faces up to five years in prison, with sentencing set for July 17, according to a press release from the U.S. Attorney's Office.
As an employee at the Bureau of Labor Statistics from April 2020 until his resignation in July 2023, Hong was involved in the Current Employment Statistics program and had early access to Principal Federal Economic Indicators which are closely guarded due to their potential impact on financial markets, but while he was publicly serving in a role vital for producing nonfarm employment numbers, he had begun lining his pockets with sick leave payments under false pretenses by claiming illness on days he was actually working for the private financial institution this all according to court documents obtained by the Justice Department.
Hong's deceit involved no less than 55 fraudulent claims for sick leave between June 2022 and July 2023, during which he was actively employed by the unnamed financial institution as a senior associate developing macroeconomic scenarios for company forecasts. The investigation, led by the...
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