Ex-CFO pleads guilty to embezzling $6.5 million from company
KANSAS CITY, Mo. (AP) — The former chief financial officer of a Kansas City company pleaded guilty to embezzling more than $6.5 million from the company.
Federal prosecutors say 34-year-old Douglas Ferrell, of Kansas City, pleaded guilty Thursday to wire fraud and money laundering.
Ferrell admitted that he embezzled the millions from Scarbrough International, a U.S. Customs broker and international freight forwarder.
He made unauthorized personal charges to the company's credit card and PayPal accounts and used company funds to pay the charges.
Ferrell used some of the fraud proceeds to buy a beach house in the Cayman Islands.
The final amount of restitution will be determined at Ferrell's sentencing. The company has recovered a large portion of its loss through civil actions.