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White collar crimes: One charged with money laundering and fraud

When a company believes that funds are being mishandled, it may choose to launch an investigation into the matter. Should this process lead to allegations of white collar crimes such as embezzlement, the accused individual could be facing serious consequences. A 53-year-old man in Wisconsin has recently been charged with money laundering and fraud after allegedly embezzling nearly $3 million from his previous place of employment.

The man stands accused of embezzling the money from a car dealership over a period of approximately 12 years. As acting general manager, authorities claim he opened a bank account under a fictitious business name that was almost identical to an actual vendor for the company. After creating a false shell company, he allegedly proceeded to direct funds for advertising and sponsorships into the accounts.

In addition, he has also been accused of taking incentive bonuses that were allegedly meant for other employees, as well as creating false incentive bonuses that required only his approval. According to the lawsuit, he used these funds for personal goods and services, allegedly ranging anywhere from the purchase of airline tickets to a vacation home. According to reports, he has pleaded not guilty to the charges, and is awaiting further court proceedings.

Facing allegations of white collar crimes such as embezzlement and fraud can be a stressful and daunting process. Those accused of similar crimes could find it beneficial to speak with a defense attorney for guidance on how best to approach the situation. An attorney can thoroughly examine the circumstances a client in Wisconsin is facing and provide assistance in forming a strong defense for use during subsequent legal proceedings.

Source: madison.com, "Former Smart Motors general manager indicted on fraud, money laundering charges," Ed Treleven, Oct. 16, 2017

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