Thursday, March 24, 2011

California Man Accused Of Embezzling $150K From Local Roofing Company

George A.J. Coelho, Jr., 53, of Tracy, California has been accused by authorities of embezzling nearly $150,000 from Pinnacle Roofing Company, where he had been employed as a general manager for nearly a decade. According to reports, Coelho caused the company to pay for his personal credit card charges which included lavish spending on such things as vacations and personal luxury items. According to his attorney, Coelho plans on pleading not guilty. Pinnacle Roofing owners Greta Yerian and Jerry Yerian, discovered the misappropriation after conducting their own audit of the company's finances in light of financial difficulties it and they were facing. Coelho was terminated in 2009, according to reports.

Read the story here.

Update (7/20/11): Coelho pleaded guilty to embezzlement and agreed to pay $50,000 within 90 days as a downpayment for his restitution.  The court may order more restitution as it determines.  Coelho's scheme spanned more than 6 years, from December 2002 and March 2009.

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