After an accounts payable audit revealed that he stole more than $1 million from his Petaluma, California-based employer, the ex-head of management information systems pleaded no contest to charges of grand theft, tax evasion and receiving stolen property.
According to KSRO-Radio, John Sheehan, who worked for medical supply firm Bibbero Systems for 15 years, is awaiting sentencing for the charges against him. He has also been ordered to pay restitution to the company, although Bibbero owner Mike Buckley has said that his business is severely suffering because of the illegal activity.
The Press Democrat reports that Sheehan managed to embezzle the funds by writing fraudulent checks from Bibbero's accounts to fake businesses and entering the unauthorized payments into the company's records as money used for supplies. However, Sheehan cashed the checks and then used the stolen funds to pay for home renovation projects, luxury vehicles and a security system.
Although Sheehan will be paying back some of the money in restitution as well as forfeiting the property he bought with the embezzled money, Buckley states that it will not be enough to help his company recover. Bibbero was forced to layoff half of its workforce because of the illegal activity, states the news source.