Wednesday, November 16, 2011

2 Former Execs Of California Municipal Redevelopment Agency Plead Guilty To Embezzling $800K

Carolyn Y. Smith, 54, of San Diego, California, together with Dante Dayacap, 62, also of San Diego, pleaded guilty to charges they conspired to fleece as much as $800,000 from the Southeastern Economic Development Corp. where they has served as president and finance director, respectively.  According to authorities, Smith and Dayacap circumvented board of director authorities to pay themselves unauthorized bonuses and salary over a period of several years.  Smith and Dayacap each pleaded guilty to one count of embezzling public funds in exchange for dropping four other felony counts, including conspiracy to commit a crime, two other counts of embezzlement of public funds and one count of misappropriation of public funds.  Sentencing for the two, who were originally charged criminally by the State of California in May 2011, is scheduled for January 20, 2012.  Smith is reported to be the daughter of the prominent Rev. George Walker Smith.  Dayacap reportedly has a long history of financial problems, including three personal bankruptcies.

Read the story here and here.

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