Friday, November 26, 2010
Former Viginia Secretary of Finance Sentenced in $4 Million Embezzlment Scheme
John W. Forbes, II, 54, of Richmond, Virginia, was sentenced to 120 months in prison for embezzling more than $4 million from the Virginia Tobacco Indemnification and Community Revitalization Commission while he had served as Secretary of Finance for the Commonwealth of Virginia. According authorities, Forbes created fictitious entities, including the Community Development Council and International Business Associates, to which he issued some $2.2 million in checks of public funds. He also oversaw a non-profit entity, the Literary Foundation of Virginia, which received $5 million in state grant monies which is also misappropriated from, according to authorities. Forbes must also pay restitution of $4 million.