A Rocklin man pleaded guilty to a single count each of wire fraud and money laundering after embezzling nearly $5 million from his employer. Kevin Co worked for Holt of California, a Caterpillar dealer with more than a dozen locations in Northern California. Investigators believe that the embezzlement scheme began in 2008 and continued through 2015, when Co was fired from his position as controller. Co began working for the company in 2006.
Co used company funds to make luxury purchases for himself, including cars, home furnishings, season tickets to the Sacramento Kings and San Francisco 49ers, cosmetic surgery, country club memberships, electronics, landscaping services, property, airline tickets, home gym equipment and other personal items. In addition, investigators say that Co spent nearly $1 million on in-game purchases for the Game of War online game. According to prosecutors, Co resold the purchases through online gaming exchanges and collected money through Paypal.
Prosecutors say that Co attempted to hide his thefts, which were often conducted using the company’s credit cards and lines of credit. He also falsified company records and lied to bank officials when they inquired about suspicious transactions on the company’s account. Initially, Co had been charged with multiple counts of money laundering and wire fraud in connection with the case. Co has not yet been sentenced, but according to a plea agreement, he will pay more than $4.5 million in restitution, and faces as much as 20 years in prison. He is scheduled to be sentenced in May 2017.
Federal Embezzlement Attorney
If you’ve been arrested for a workplace crime like embezzlement, or have been charged with a federal felony like wire fraud or money laundering, you need the assistance of an experienced, aggressive embezzlement attorney like Robert Helfend.
Mr. Helfend has practiced criminal defense exclusively for more than 30 years, and takes defense cases in both federal and state courts. He will fight aggressively for your rights and freedoms.
Contact Robert Helfend or call toll-free at (800) 834-6434, (310) 456-3317, (818) 591-2809 or (805) 273-5611 for an immediate consultation on your Los Angeles County embezzlement case.
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