A mother and son duo who are accused of stealing over $16 million from two SoHo textile companies pleaded not guilty on grand larceny and money laundering charges today. Prosecutors say that bookkeeper Judy Del Galdo embezzled the money from her employers at Hi-Fashion Fabrics, Inc. and Timeless Treasures Fabrics, Inc., in order to maintain a lavish lifestyle for her and her son Joseph, which included yachting, jetting, and cruising in a $127,000 Mercedes.

The 66-year-old mother, who worked at the two companies for over 22 years, forged the companies' president's signature on hundreds of checks over the last seven years; those checks were deposited into a bank account in the name of a dummy company called "Tea-Rific Beverage, Inc." Joseph was the sole signatory on the account, according to the indictment. In addition to the extravagances such as three homes and a Mercedes, the pair also used the money to fund Joseph's ambulance company. Prosecutors revealed a thorough list of what they allegedly spent the embezzled money on:

• $500,000 in flights on private jets
• $458,000 in other travel and hotel expensive
• $368,000 in payments toward a million dollar yacht
• $564,000 in credit card payments
• $330,000 in payments for luxury suites and sponsorships at Madison Square Garden and the Meadowlands Sports Complex
• $166,000 in home theater purchases
• $42,000 in custom tailored suits
• $54,000 in Apple and iTunes purchases
• $62,000 in private school tuition
• $493,000 in cash withdrawals
• $889,000 in mortgage and related payments on three different properties -- all now in foreclosure.
• $55,000 Infiniti QX56

The two companies, which are owned by the same family, so trusted Del Galdo that they only noticed the discrepancies in the books a few months after she had retired. Del Galdo's lawyer said the pair had already started paying back the company: "We gave them everything -- cars, houses, memorabilia, jewelry, money, the proceeds from the ambulance company." The lawyer was also concerned about Del Galdo not receiving her Xanax prescription, although there was no mention about her missing this year's motherboy contest: