A Rockville man pleaded guilty Friday in a scheme to steal more than $120,000 from the Montgomery County nonprofit where he worked.
Lowell Meredith Sherman faces a maximum of 20 years in prison for conspiracy to commit wire fraud when he is sentenced in February in U.S. District Court in Greenbelt, according to federal prosecutors.
Sherman and another employee at the nonprofit caused the company to purchase unneeded electronic devices, including hard drives and memory tapes, which Sherman and his colleague then sold online, according to the plea agreement. Sherman worked at the unidentified organization between 2005 and 2010 and then again between June 2013 and October 2014.
Prosecutors claim Sherman’s conduct resulted in a loss of nearly $300,000. Sherman admits the amount of loss attributable to him is at least $120,000.
The exact amount of loss will be determined at sentencing and, as part of his plea agreement, Sherman has agreed to pay restitution in that amount.