Wednesday, August 12, 2009
Former California CFO Sentenced In $1.1 Million Embezzlement Case
Ajay Chandra, 53, of Stockton, California, has pleaded guilty and been sentenced to four years and four months in prison for embezzling some $1.1 million from Central Valley Concrete and Trucking of Merced, California, where he had been employed as chief financial officer. According to authorities, Chandra, who was arrested on June 6, 2007, stole the money between September 2005 and May 2007 by issuing checks to various insurance companies, endorsing them and depositing them into his own personal checking account at the Bank of Stockton. Chandra reportedly made more than 20 such deposits, some in increments of $50,000 to $60,000 and more, until a teller at the bank questioned his authority to do so. More than $800,000 was recovered in his bank account.