Wednesday, January 13, 2010
Arizona Man Sentenced In $11 Million Embezzlement Case
Douglas Ross Zuber, 51, of Scottsdale, Arizona, was sentenced to six years in prison plus sever years of supervised release for embezzling approximately $11 million from Harvard Investments, Inc. where he had been employed as executive vice president. Zuber was also ordered to pay $6.2 million in restitution. According to prosecutors, Zuber's scheme lasted about 7 years between 1999 and 2006 where in he set up seven false venders through which he was able to bill the real estate investment firm for work that was never completed. Zuber, who was originally indicted in October 2008, plead guilty to money laundering in August 2009. Zuber reportedly spend the money establishing a lavish lifestyle and purchased luxury residential properties and vehicles, among other things. Ironies of ironies, authorities found a draft of a book Zuber was writing, called Deeds of Trust -- a how-to on embezzling funds from your employer.
Read the original indictment here.