Ex-California cosmetics exec gets jail for embezzling $600K
NEWPORT BEACH, Calif. (AP) — A former executive at the Southern California-based cosmetics company Urban Decay pleaded guilty to embezzling $600,000 from the firm and was immediately sentenced to a year in jail.
City News Service reports Ranjeet Reedy Paladugu paid back the money before his plea on Tuesday.
Prosecutors say he tried to cash three company checks worth a total of $1.1 million. Two of them went through before bank officials spotted the embezzlement and stopped payment on the third check.
Paladugu was vice president of finance for Newport Beach-based Urban Decay. It’s a subsidiary of the French cosmetics company L’Oreal.