Dennis Dowd, 52, of Yorktown Heights, New York, was charged last week of embezzling $8 million from his employer, Hitachi America of Tarrytown. Dowd had been employed by Hitachi since 1979, most recently as Senior Manager of Corporate Benefits. According to court filings, between 2000 and early 2008, Dowd opened a bank account in the company's name to pay health benefits for employees and then diverted $8 million from the account to a personal bank account. He allegedly used $1 million of the money to pay off credit-card bills, purchase a Lexus and used $625,000 to buy a house in Florida. If convicted on all counts, including embezzlement, health-care fraud and money laundering, Dowd faces 30 years in prison, plus fines. He is out on $1 million bond.
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