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Husband and wife plead guilty in embezzlement case

It was reported on June 1 that a 64-year-old Texas woman pleaded guilty to theft. She and her husband, who was the former executive of Collin Street Bakery, a well-known fruitcake company with its headquarters in Corsicana, had been accused of embezzling approximately $17 million from his employer.

The husband was reportedly earning less than $50,000 a year when it was discovered in 2013 that he had been allegedly stealing money from the company. This money was believed to have been used to support the couple's lavish lifestyle. This included flying on private jets and owning expensive vehicles.

In 2014, the husband, aged 66, pleaded guilty to a number of charges, including conspiracy to commit money laundering, mail fraud and making false claims to a financial institution. In addition to being required to repay the money, he was also facing a prison sentence of 60 years. The wife has now pleaded guilty to conspiracy to commit money laundering. She is facing a maximum of three years in prison. It was not stated in the report when the husband and wife would be sentenced.

Theft charges are very serious in Texas. Depending on the amount that was allegedly stolen, the accused person could potentially face years in prison in addition to being required to repay the money that was allegedly stolen. Those who are facing these types of charges may find it advisable to meet with a criminal defense attorney in order to determine a strategy to combat them. In some cases, if more than one person is suspected of being involved, it may be possible for the attorney to obtain a reduced sentence for the client in exchange for a promise to furnish testimony with respect to other individuals.

Source: Valley Central, "Woman pleads guilty in $17 million fruitcake theft case", Associated Press, June 1, 2015

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