Thursday, January 6, 2011

Maryland Man Sentenced For Embezzling $1.7 Million

Dwayne Wells, 50, of Potomac, Maryland, was sentenced to 15 months in prison for embezzling more than $1.7 million from Ryco Associates, a local mechanical engineering company he partly owned. According to authorities, Wells and two other partners bought the firm in 2006 which lent money to a restaurant. Wells and one of his partners reportedly kept the loan repayments for themselves, rather than the company where the funds originated. Wells was also alleged to have racked up more than $250,000 in improper expenses and authorized more than $440,000 in checks payable to himself.  His partner has already pleaded guilty to his involvement in the scheme and was sentenced to probation with three months home confinement. Wells is also a part owner of the Baltimore Mariners indoor football team.

Read the story here, here and here.

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