David Alfred Beulke, 62, of Brookings, South Dakota, pleaded guilty to mail fraud charges admitting he embezzled some $5,610,563 from 3M, where he had been employed as an engineer. According to prosecutors, over a 15 year period, Beulke created phony businesses, identified as Tri-State Technology and TNC Industrial Services, and submitted fraudulent invoices for payment as if they were legitimate vendors. The scheme reportedly spanned from February 1993 to October 2008. Authorities report that they have seized $2.48 million to date. Sentencing is scheduled for April 1, 2011.
Read the story here and here.
Read the DOJ announcement here.
Update (4/4/11): Beulke, now 63, was sentenced today to 51 months in prison.
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