Missouri CPA convicted in $7 million fraud scheme

4 weeks 1 hour 24 minutes ago Thursday, November 07 2019 Nov 7, 2019 Thursday, November 07, 2019 5:52:00 PM CST November 07, 2019 in News
By: The Associated Press

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.

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