Thursday, February 3, 2011

Montana Man Pleads Guilty To Embezzling $150K

Ryan Paul Shipman, 37, of Billings, Montana, pleaded guilty to one count of mail fraud admitting he embezzled some $150,000 from from Mountain West Farm Bureau Mutual Insurance Co., where he had been employed as a claims adjuster. According to prosecutors, Shipman submitted false and fraudulent claims for additional monies for his own benefit over a period of about 2 years, from October 2008 through September 2010. Shipman reportedly admitted that he and a co-conspirator split proceeds from the scheme. He is scheduled to be sentenced on May 5, 2011 and faces up to 20 years in prison, plus restitution and fines. At his guilty plea hearing, Shipman claimed “I spent most of it on gambling,” referring to the ill-gotten gains.

Read the story here.

Hat tip: Reader Joe.


Anonymous said...

This is Billings MOntana not Billings Wyoming.

Chris Marquet said...

You are right. My bad...