California Man Charged With Embezzling As Much As $1.8 Million

Louis Anthony Contreras, 45, of Tracy, California, was charged yesterday with two felony counts of grand theft and falsifying corporate books in the embezzlement of between $500,000 and $1.8 million from his employer, Tracy Material Recovery Inc. Contreras faces up to 11 years in prison if convicted of the thefts from his brother-in-law's company. Mike Repetto, CEO of the company and brother-in-law discovered the theft and brought it to the attention of authorities. According to reports, Contreras would accept cash, provide a receipt and then destroy the company's copy of the receipt and then "pocket the cash." He was employed there for 12 years, according to the reports. Contreras reportedly spent the money on travel and entertainment.

Read the story here, here, here and here.

It is always difficult when dealing with family members whom you trust in a family business and then they take advantage of a situation. This guy simply had his hand in the till and, with a cash business, was able to circumvent the few controls in place.