A 74-year-old Steuben County man will spend the next two years in prison after being convicted of embezzling hundreds of thousands of dollars. Thomas Mann of Addison was the treasurer of the Transport Investment Club, which had approximately 25 investing members.

Assistant U.S. Attorney John J. Field, who handled the case, stated the TIC was formed in 1958, in the small community of Wellsboro, PA. Mann, a well-known high school math teacher and long-time friend of most of the TIC members, was elected treasurer of TIC in 1994. Mann’s duties included collecting and disbursing funds, buying, and selling stocks as directed by TIC and its members, maintaining a set of books covering operations and assets, and preparing a monthly statement documenting the club’s liquidating value, which was the total value of the club’s stock holdings. Mann had sole control over the TIC bank account at Citizens and Northern Bank (C&N Bank) and the TIC investment accounts at brokerage firms. Funds collected at TIC monthly meetings were supposed to be used to purchase stocks in the TIC investment accounts as directed by the club members. Over the years, Mann regularly embezzled TIC’s funds for his personal use rather than investing the funds. By February 2020, TIC’s investments should have been worth approximately $290,614.05. In actuality, Mann had embezzled all but $707.74 of TIC’s stock holdings.

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