Friday, February 12, 2010

Florida Investment Advisor Accused Of Embezzling $25 Million From Reebok Founder Is Arrested

Arnold Mullen, 62, of Palm Beach Gardens, Florida, was arrested Wednesday on charges he embezzled approximately $25 million from the private investment firm of Reebok International’s former chief executive, Paul Fireman, known as PFP Associates, and the Paul and Phyllis Fireman Foundation. A civil case filed in January 2009 against Mullen by Fireman alleged that he embezzled the monies over a 20 year period. Mullen was first hired by Fireman in 1985 to manage his assets. In the criminal matter, Mullen has been charged with five felony counts of grand theft. Mullen was released on his own recognizance and is now under house arrest affixed with a GPS monitor.

Read the story here, here and here.
Update (6/29/10): Mullen, now 63, pleaded guilty to five counts of grand theft in a plea agreement, admitting he embezzled $25 million from Paul Fireman's personal investment firm and philanthropic entity. Under the agreement, Mullen was sentenced to 5 1/2 years in prison.

No comments: