Friday, July 22, 2011

Former California Company Controller Pleads Guilty To Embezzling $876K

Ruben Rios Jr., 40, of Galt, California, pleaded guilty yesterday to charges he embezzled $876,661 from POS Portal Inc., an electronics payment equipment company where he had been employed as financial controller.  According to prosecutors, over a 21 month period December 2007 and August 2009, Rios fraudulently used the company credit card to make numerous payments on his behalf, including more than $360,000 in cash advances at casinos.  He faces up to 20 years in prison when he is sentenced on November 3, 2011 and has agreed to pay restitution and forfeit items purchased with the ill-gotten monies.  Rios was originally indicted this past March and allegedly submitted falsified credit card statements to cover his thefts.

Read the story herehere and here.

Update (4/13/12): Rios has been sentenced to 46 months in prison and must also pay full restitution.

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