The U.S. chief executive of a German saw-blade manufacturer has pleaded guilty to stealing $15 million from the company to bankroll a luxury clothing and furniture boutique she ran on the side.
Writing company checks to herself and using company credit cards, Steele used $350,000 of the cash to launch a luxury clothing and furniture business called Opulence by Steele. Steele was charged with spending over $200,000 of the company’s money to pay for a relative’s wedding, and $100,000 on cut flowers plus another $100,000 on Gucci clothes and bags.Steele pleaded guilty on Wednesday in federal court in North Carolina to wire fraud. She faces up to 20 years in prison. A message left with her attorney wasn’t immediately returned.
Because of her lavish spending, the company began experiencing trouble paying vendors and covering its own payroll expenses. Company employees also started seeing charges being denied on their corporate credit cards,
Where were the auditors, CFO or Controller all these years? Smells of culture of corruption all around
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