Friday, December 24, 2010

Pennsylvania Man Arrested For Embezzling $377K

Karl E. Breeden, 50, of West Manchester Township, Pennsylvania, was arrested this morning pending charges he embezzled more than $377,000 from Advanced Industrial Services where he had served as Chief Financial Officer. The arrest was the culmination of a five month investigation after company officials found financial irregularities in the books and records of the company. Breeden is expected to be charged with dealing in proceeds of unlawful activities, forgery, theft and receiving stolen property. Details have not been released at this time.


Read the story here and here.

Update (2/25/11): Breeden has now been charged with seven counts of forgery and one count each of dealing in proceeds illegal activities, theft by deception and receiving stolen property. He is alleged to have written checks to himself, taken unauthorized pay, used payroll funds to pay back loans he had taken out with the company and "cashed out" vacation time he had not earned. All told, Breeden is alleged to have misappropriated $377,701 from Advanced Industrial Services in Manchester Township, Pennsylvania where he had been employed as chief financial officer.

Update (11/30/12): Breeden, now 52, who was convicted in August of embezzling more than $377,000 from Advanced Industrial Services for whom he had served CFO, has been sentenced to one day less than a year in York County prison. 

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