Former CFO In South Carolina Agrees To Plea Deal In $3 Million Embezzlement Case

Jerry F. Wells, Jr. 47, of Columbia, South Carolina, reportedly made a plea agreement with prosecutors that he would serve 6 1/2 years in prison for embezzling nearly $3 million from publicly traded UCI Medical Affiliates, Inc. and another $40,000 from an unidentified company. According to reports, Wells was executive vice president and chief financial officer of UCI's Doctors Care medical clinics until December 2008, when the embezzlement scheme was discovered. An SEC complaint alleges that the thefts began in 2003 and continued until he was fired from the company. Prosecutors charged that Wells embezzled the $40,000 from a company while he was out on bail pending the UCI case. Wells is scheduled to be sentenced on March 3, 2011. The SEC enjoined Wells from practicing accounting.

Read the story here, here and here.

Read the SEC complaint here.

Update (3/3/11): Wells was formally sentenced to 6 1/2 years in prison and ordered to pay full restitution.