Edward Cantrell, 36, of Florence, Kentucky, has been indicted on charges he embezzled some $3 million from Fin Pan Inc., a Hamilton, Ohio-based maker of construction products where he had been employed as financial controller. According to prosecutors, Cantrell executed more than 125 fraudulent transactions whereby he had company officials sign checks payable to company vendors but had them sent to a post office box and deposited them into his own accounts. He then transferred monies between accounts in an effort to cover up the thefts which spanned a five year period beginning in 2004. The 55 count indictment includes one count of aggravated theft; 11 counts of telecommunications fraud; 10 counts of forgery; 11 counts of money laundering; 12 counts of unauthorized use of computer, cable or telecommunication property; and 10 counts of securing writings by deception. Once he was confronted with discrepancies in the books, Cantrell disappeared. He was arrested yesterday in Arizona. Authorities allege that Cantrell used the stolen money to support a lavish lifestyle that included expensive cars and luxury vacations. The case is reportedly the largest embezzlement case to be prosecuted in Butler County, Ohio.Friday, December 17, 2010
Kentucky Man Charged With Embezzling $3 Million From Ohio Company
Edward Cantrell, 36, of Florence, Kentucky, has been indicted on charges he embezzled some $3 million from Fin Pan Inc., a Hamilton, Ohio-based maker of construction products where he had been employed as financial controller. According to prosecutors, Cantrell executed more than 125 fraudulent transactions whereby he had company officials sign checks payable to company vendors but had them sent to a post office box and deposited them into his own accounts. He then transferred monies between accounts in an effort to cover up the thefts which spanned a five year period beginning in 2004. The 55 count indictment includes one count of aggravated theft; 11 counts of telecommunications fraud; 10 counts of forgery; 11 counts of money laundering; 12 counts of unauthorized use of computer, cable or telecommunication property; and 10 counts of securing writings by deception. Once he was confronted with discrepancies in the books, Cantrell disappeared. He was arrested yesterday in Arizona. Authorities allege that Cantrell used the stolen money to support a lavish lifestyle that included expensive cars and luxury vacations. The case is reportedly the largest embezzlement case to be prosecuted in Butler County, Ohio.
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