Thursday, March 12, 2009
Update On California Controller Accused In $10 Million Embezzlement: Reportedly Lost $42 Million At Casinos
Annette C. Yeomans, 51, of Escondido, California, accused of embezzling $9.9 million from her former employer, Quality Woodworks, Inc., of San Marcos, California, where she had been employed as controller. Yeomans lost as much as $42 million gambling at casinos, according to reports from investigators. She allegedly stole the money over a 7 year period and used it to establish a lavish lifestyle that included a designer wardrobe that included 400 pairs of shoes valued at $240,000, clothing valued at $300,000 and $320,00 in handbags. With control over the company finances, Yeomans was able to spend as much as $25,000 in a weekend on her credit card and then pay it off with company funds. Her actions directly resulted in layoffs and has nearly bankrupted the company, according to reports. Yeomans faces 20 felony counts of embezzlement and grand theft.
Read FraudTalk's original post on this story here.
Read the story here and here.