Ernest Theodore Solo, 60, of Boyds, Maryland, pleaded guilty today to wire fraud charges in connection with the embezzlement of nearly $2.8 million from Chesapeake Petroleum and Supply Inc. where he had been employed for more than 40 years in the finance department, ultimately as chief financial officer. According to authorities, Solo wrote checks to himself as well as took funds the company petty cash over an 8 year period, between 2000 and 2008. He was originally charged with breach of fiduciary duty, misrepresentation of facts, two counts of unjust enrichment and three counts of fraud. The company is also seeking a restraining order against Solo. He faces up to 20 years in prison.
Read the story here and here.
Read the DOJ announcement here.
Update (8/17/10): Solo was sentenced to three years in prison followed by three years of supervised release for his conviction on wire fraud charges in this case. Solo was also ordered to pay restitution of $2,741,700.
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