Former business exec accused of embezzling more than $900K
ST. LOUIS (AP) — A former financial director for a St. Louis company is accused in a federal indictment of embezzling more than $900,000.
The St. Louis Post-Dispatch reports that 36-year-old John Koeln has pleaded not guilty to five counts of wire fraud. His attorney, Justin Gelfand, said that they “look forward to litigating this case.”
The indictment claims that Koeln opened a bank account that only he controlled in May 2015 while working at Unlimited Prepaid Distribution, a wholesaler of prepaid phones, SIM cards and other mobile phone products.
Before resigning in April 2017, he is accused of moving some company money to his E-Trade brokerage account, as well as taking some out in cash, and using other money for a house, SUV, boat and trailer.
Prosecutors are trying to seize his lakefront property near Hillsboro.