Monday, December 13, 2010

Washington State Man Sentenced For Embezzling $500K

Dale N. Frantz, 46, of Gig Harbor, Washington, was sentenced to five years and eleven months in prison for embezzling more than $500,000 from Auto Warehousing Co., where he had served as chief information officer. According to prosecutors, Frantz submitted fraudulent expense reimbursements and phony invoices for goods and services never delivered to the company. Franz also allegedly conspired with Michael A. Newman, the owner of Florida-based Asyncritus Technology, who submitted false invoices that were paid and where Frantz would take a cut of the proceeds. Frantz' embezzlement scheme spanned about 2 1/2 years from May 2007 to September 2009. He had plead guilty to one count of wire fraud last week. We note that Frantz reportedly was convicted in 1996 in Indiana for embezzlement.

Read the story here and here.

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