SAN FRANCISCO — A former executive at one of the world’s largest fiber optic companies is under investigation after being accused of stealing more than $4 million to cover his personal expenses, a company spokesman said Tuesday.
The man, who has not been identified by name, is the only one charged in a scheme that involved more than 40 employees, the spokesman, Joe Condon, said.
The scheme allegedly involved the theft of more than a million dollars in cash and other assets that were intended to pay off personal debts, according to a federal indictment unsealed Tuesday.
In addition to paying for personal expenses and paying for travel, the scheme allegedly also included payments for company stock, stock options and stock grants.
The indictment unsealing the charges against the man named in the indictment says he stole about $4,800,000 from the company and used the money to pay his personal debts.
Condon said the company has hired an outside accounting firm to conduct an audit of the finances and the company is working to restore its finances.
Corden Industries Inc., which also owns the company that built fiber optics cables, is owned by an investment firm with holdings in other companies, including Comcast Corp. and the U.S. military.
Cordes was charged with one count of wire fraud and one count each of conspiracy, theft of federal funds, and making false statements.
He is being held in the San Francisco federal prison.