North Carolina man pocketed $685,000 in fraud on employer
KANSAS CITY, Kan. (AP) —
A North Carolina man admitted Tuesday to defrauding his employer in Kansas by placing orders for more than $685,000 for electrical and wire cable, then selling them to another company and pocketing the money, prosecutors said.
Coe Downing, 48, of Charlotte, North Carolina, pleaded guilty to one count of mail fraud, the U.S. attorney’s office said in a news release.
Downing admitted in his plea that while he worked for Lenexa, Kansas-based Wachter, Inc. he placed orders with supplier Anixter, Inc. He then sold the cable to Cabling Systems Supply, Inc. and kept the money.
Downing agreed as part of his plea deal to pay restitution of $25,000 to Wachter and $660,323 to the company’s insurer.
Sentencing is set for April 21.