Saturday, February 6, 2010

California Man Free On Bail After Arrest For Allegedly Embezzling $1.8 Million

Richard John Schwalbe, 57, of Mill Valley, California, was released from prison after his bail was reduced after his arrest for embezzling some $1.8 million from Solectron Corp. where he had been employed as global credit manager. According to prosecutors, Schwalbe allegedly set up a fictitious business with a Mill Valley banking account in which he deposited the funds. He was arrested and charged with felony embezzlement, theft, forgery, and embezzlement of property by a public officer. Schwalbe left Solectron in 2007 after it was acquired by Flextronics, according to reports.

Read the story here and here.

Update (6/26/11): Schwalbe accepted a plea agreement settling both his civil and criminal cases by pleading no contest to two counts of grand theft and will serve 32 months in prison. 

Update (8/16/11): Schwalbe was sentenced to 32 months in prison and ordered to pay restitution.

No comments: