California CFO facing criminal charges for embezzlement

A chief financial officer for a company in California has been charged with embezzlement and could face serious penalties if he is convicted. The allegations of embezzlement don't involve the company he works for but if he is convicted, his job could be in jeopardy as well as his future career opportunities.

The man is accused of stealing more than $500,000 through an embezzlement scheme from the church he attends in Oakland. He has been charged with four felony counts of grand theft and fraud after prosecutors said he stole a significant amount of money from church funds while working on three church boards.

The man served as board president for two corporations run by churches that focused on housing and services for low-income residents. He was also involved in running a church foundation that accepted gifts.

According to the criminal complaint, he used his positions on these church boards to steal money from the church funds and used the money to pay his mortgage, childrens' tuition fees, and a golf membership and to purchase a luxury car.

The felony grand theft and fraud charges stemming from the embezzlement scheme could result in very serious penalties for the man. If he is convicted, he could face time in prison as well as be required to pay restitution. In addition, his job could be in jeopardy, especially if he is convicted.

Business professionals in California can face criminal charges for their role in an embezzlement or fraud scheme. In addition to facing criminal charges, an individual's professional and personal reputation can be damaged after being accused of this type of crime. Professionals facing white-collar crimes like fraud or embezzlement should contact an attorney as soon as possible to protect their reputation and professional goals.

Source: SF Gate, "AC Transit official charged with stealing from his church," Phillip Matier and Andrew Ross, April 15, 2014

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