Home Cleveland Press Releases 2011 Czech Republic Man Sentenced for $2.3 Million Theft from Avon Lake-Based Company

Czech Republic Man Sentenced for $2.3 Million Theft from Avon Lake-Based Company

U.S. Attorney’s Office December 01, 2011
  • Northern District of Ohio (216) 622-3600

Lubos Arnold was sentenced to 30 months in prison after admitting to a $2.3 million theft from a company based in Avon Lake, Ohio, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio

Arnold, 55, of the Czech Republic, was arrested at Cleveland Hopkins International Airport on Sept. 12. He pleaded guilty earlier this year to one count of wire fraud.

PolyOne Corporation (PolyOne) is a publicly-traded corporation located in Avon Lake that does business in specialized polymers and maintains offices worldwide. PolyOne CR S.R.O. is a wholly-owned subsidiary of PolyOne located in Prague, Czech Republic that manages PolyOne’s transactions in the Czech Republic, according to the information.

Arnold was the area sales representative for PolyOne CR S.R.O., according to the information.

From in or around June 2009 through June 2011, Arnold obtained approximately $2.3 million for his personal use from PolyOne through approximately 20 unauthorized wire transfers and/or cash withdrawals from PolyOne accounts, according to the information.

To conceal the true nature of the withdrawals, Arnold caused them to be recorded as loans in PolyOne CR S.R.O. vendor accounts, which information was then sent through wire transmissions to PolyOne headquarters. In other instances, Arnold e-mailed false explanations of these transactions to PolyOne headquarters when the transactions came under false scrutiny and/or were audited, according to the information.

Arnold agreed to a pay restitution to the company as part of an agreement in the Czech Republic.

This case is being prosecuted by Assistant U.S. Attorney Justin Roberts following an investigation by the Cleveland Offices of the Federal Bureau of Investigation.

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