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.
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.
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