Missouri CPA convicted in $7 million fraud scheme
SPRINGFIELD (AP) — A Missouri certified public accountant has been convicted of a $7 million scheme to defraud his employer and clients.
Federal prosecutors say 46-year-old Douglas Richardson, of Lebanon, was found guilty Thursday of six counts of wire fraud and four counts of money laundering.
Richardson owned his own certified public accountant firm and was an executive for Smart Prong Technologies, a Tulsa, Oklahoma-based company that developed technology and manufactured devices for charging cell phones.
Prosecutors say Richardson transferred at least $4.4 million from Smart Prong accounts into his personal and business bank accounts. He also induced several clients to provide loans or make investments by claiming the money would be used for one purpose, when some of the money was instead used for Richardson's benefit or to pay other people.