Accounts payable audit finds ex-CEO embezzled over $880,000 from company

The former CEO of fast-food franchise Wings-To-Go has been indicted by a grand jury for embezzling $885,000 from company funds.

Mark Chandler Goodnow of Pasadena, Maryland, is being charged with one count of wire fraud. If convicted, he faces a fine of $250,000 and up to 20 years in prison. A joint investigation and accounts payable audit by the U.S. Attorney for the District of Maryland and the FBI uncovered the embezzlement.

Goodnow allegedly wrote hundreds of corporate checks to prostitutes in Maryland and three Texas women to pay for telephone sex. He also used stolen funds to pay for personal expenses for one of the Texas women. Goodnow is accused of covering his tracks by recording the written checks as being used for advertising purposes for the company. The illegal activity took place between September 2006 and January 2011, when Goodnow served as both president and CEO of the restaurant chain.

"Corporate officers are fiduciaries for investors and other stakeholders," said U.S. Attorney Rod Rosenstein in the indictment. "A corporate executive cannot spend money for personal benefit and falsely report it as a business expense."

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