Former Adair Financial Services General Manager Sentenced to 24 Months for Stealing Company Funds

PORTLAND, OR—U.S. District Judge Michael W. Mosman today sentenced Scott Severin Madsen, 48, of Hillsboro, to 24 months in prison and three years' supervised release, for stealing a quarter of a million dollars from Adair Financial Services, LLC (“Adair”), located in Vancouver, Washington, where Madsen formerly served as General Manager. Judge Mosman ordered Madsen to pay $248,544.60 to Adair in restitution.

“Defendant’s crime victimized not only Adair, but all of its hard-working employees, from whose pockets this defendant stole hundreds of thousands of dollars,” said U.S. Attorney Dwight C. Holton. “Economic crimes are very serious offenses, and we will continue to prosecute, convict, and seek prison time for those who steal money from others.”

In March 2010, Madsen pled guilty to one count of interstate transportation of stolen property. He admitted that from February 2005 through February 2008, he submitted $248,544.60 in fraudulent expense reimbursement requests to Adair, and that he received fraudulent reimbursement checks from Adair in the same amount. He further admitted that he transported the fraudulently obtained checks from Washington to Oregon, knowing the same to have been stolen or taken by fraud.

This case stemmed from an investigation by the Federal Bureau of Investigation. The case was prosecuted by Assistant U.S. Attorney Stacie Beckerman.