Employees Laid Off After $9.9 million Embezzlement by Official

March 9th, 2009 - 8:51 pm ICT by GD  

An official of a cabinet company was arrested after the police suspected she had embezzled $9.9 million from the firm over seven years, leading to a number of staff members being laid off.

The San Diego County Sheriff’s Department arrested Annette Yeomans after a year’s investigation on suspicion that the chief financial officer of the California based Quality Woodworks had siphoned out the money. The embezzlement caused the firm to lay off employees and restructure.

Sgt. Mark Varnau of the Sheriff’s Department said, “She used these monies to gamble. She used them to remodel her home. She used them to buy expensive clothes, shoes, [including] a $4,000 pair of Italian shoes. She had more than 400 pairs of shoes in her closet. She had 160 high-end purses valued at $2,000 apiece.”

Yeomans, 51, was suspected only after the authorities of her credit card company called Quality Woodworks asking about the validity of using company checks to pay her credit card bills. The Sheriff’s Department issued a statement saying, “A sheriff’s investigation revealed that on a weekly basis, Yeomans would spend $25,000 on her credit card and then pay off the balance the following Monday with company funds.” When the credit card company called, Quality Woodworks fired Yeomans and alerted the police.

Currently Yeomans is jailed with a bail set at $10 million. She is also to hand over her assets to the firm so it can salvage some of its losses. Her husband, the police is satisfied, is not part of her embezzlement activities.

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