Tuesday, September 27, 2011

Former CFO Of Alabama Company Pleads Guilty To Embezzling More Than $1.2 Million

Barry A. Thomas, 48, of Birmingham, Alabama, has pleaded guilty to charged he embezzled $1,226,277 from Central Leasing Corporation where he had been employed as chief financial officer.  Thomas was charged last July with wire fraud.  Prosecutors alleged that Thomas embezzled from the company over a 7 year period, from July 2003 until August 2010, by manipulating the payroll system to pay himself more than his regular salary.  Thomas faces up to 20 years in prison.

Read the story here.

See the DOJ announcements here and here.

1 comment:

CFO Services said...

The amount of fraud occurring in the business is very disturbing. However, there is fraud rampant in all types of businesses. Stakeholders need to be vigilant and a system of checks and balances needs to be put into place.