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A prison cell—not a penthouse—is now the home of a former CEO who embezzled money from his company for a down payment on luxury living quarters.

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Lies, Laundering, and Looting

07/26/2011
 

Mollie Halpern: A prison cell—not a penthouse—is now the home of a former CEO who embezzled money from his company for a down payment on luxury living quarters.

Spencer B. Walker: He became more concerned with financing his exorbitant lifestyle than with actually doing right by his investors.

Halpern: I’m Mollie Halpern of the FBI, and this is “Gotcha.” Mark Phillips, of Seattle, laundered $1.6 million from start-up technology company MOD Systems, Inc. FBI Forensic Accountant Gwynne Laurente…

Gwynne E. Laurente: I was able to identify and trace fund transfers that showed that he was using company funds for his personal purchases.

Halpern: Special Agent Spencer Walker says the money trail was long…

Walker: He wired the money to his personal attorney’s trust fund and then asked his attorney to wire it to his girlfriend and then directed his girlfriend to purchase the items.

Halpern: Items including two $30,000 designer wrist watches.

Walker: To conceal those transfers, he doctored invoices.

Halpern: This has been the FBI’s closed case of the week.

 

09.02.10

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