Wednesday, January 14, 2009

Trial Of Former Kansas CFO & Wife Accused Of Embezzling $2.6 Million Postponed

The trial of James W. Foremsky, 61, the former Chief Financial Officer of Emporia, Kansas-based Vektek Inc., and his wife, Susan A. Foremsky, 56, both of Topeka, has been postponed until April. James Foremsky, utilizing his position within the company, is charged with masterminding the embezzlement of $$2,646,554 from the company. According to the indictment, he "unlawfully withdrew funds" from company accounts for his own benefit. Further he had control of the internal checkbook spreadsheets and transferred funds between accounts in an attempt to cover up the thefts. They are each charged with conspiracy to commit bank fraud, wire fraud and money laundering. The couple used the funds to maintain a lavish lifestyle and spent it on items, including, show horses, paying their mortgage, lavish vacations, luxury vehicles, restaurant and bar bills and the like. They each face up to 30 years in prison, plus a fine of $1 million and restitution.

Read the story here, here and here.

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