A 58-year-old Irvington woman was indicted February 17 for embezzling more than $40 million since 2002 from union employee benefit funds she administered. She spent the money on horses, jewelry, vacations, cars, clothing and the mortgage on her village home, among other things.

Melissa G. King was charged in Manhattan federal court with one count of theft and embezzlement in connection with approximately $42 million she transferred from three Sandhogs’ Union accounts to bank accounts she controlled, and 11 counts of money laundering.

If convicted, King, who is currently free on $10 million bail, could face a maximum prison sentence of five years on the embezzlement count and 115 years for the 10 money laundering counts, along with a fine of $250,000.

“As the long-standing administrator of the Sandhogs’ Union employee benefit funds, Melissa King was entrusted with money that hard working people counted on for their future retirement and medical care; instead, she allegedly pilfered huge sums for a personal spending spree of epic proportions,” said Preet Bharara, U.S. Attorney for the Southern District of New York.

The Sandhogs’ Union Local 147 has approximately 1,000 members and represents workers employed in numerous construction projects in the New York City area. In December 2008, union leadership dismissed King of her duties, which earned her approximately $540,000 annually. Last June, the union filed a civil suit against King.

According to the charges filed by the U.S. Attorney, from September 2002 to December 2008, King used the money for personal expenses, such as: $7 million paid to American Express; $5 million paid for nine horses and related costs; $300,000 paid to Neiman Marcus for clothing; $1 million paid to a jewelry store in Newport Beach, California; and more than $300,000 used to buy a 2005 Porsche Cayenne, a 2008 Mercedes-Benz S Class, a 2008 Mercedes-Benz CLK and a 2008 Range Rover.

Attorneys for King, Peter Till and Frank Razzano, issued a statement predicting “full and complete vindication” of their client after the allegations are presented in court.