Thursday, March 8, 2012

Nevada Man Sentenced For Embezzling $2.5 Million From Electronic Lock Company

Juan Ramon Cabezas, 56, of Reno, Nevada, has been sentenced to 87 months in prison for embezzling some $2.5 million from Securitron Magnalock Corp. for whom he had been employed as chief financial officer.  According to prosecutors, over a period of nearly 7 years, from May 2003 to early 2010, Cabezas diverted company funds into his own personal retirement account as well as forged checks for his own benefit.  He pleaded guilty last October to charges of mail and bank fraud, tax evasion, identity theft and money laundering.  Cabezas, who was also ordered to pay a $50,000 fine, has reportedly already made restitution to the company in the amount of $3.5 million.

Read the story here and here.

Read the DOJ announcement of his indictment here.

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