Former CFO Sentenced to Prison for Embezzlement
ST. PAUL – An Apple Valley man was sentenced Monday to a little over two years in prison followed by three years of supervised release for defrauding his employer out of more than $930,000.
According to court documents, in February 2014, 59-year-old Gregg Johnson was hired as the Chief Financial Officer for a Minnesota-based manufacturing company. As part of his job duties, Johnson was responsible for overseeing and tracking all cash flow for the company and had signatory authority on the company’s bank accounts.
Between 2014 and July 2020, Johnson stole approximately $930,000 in company funds by issuing checks from the company’s bank accounts to cover personal expenses such as credit card payments, mortgage payments, and college tuition for his children.
To conceal his theft, Johnson added false entries into the company’s accounting software to make the cash flow appear balanced.
On March 4, 2021, Johnson pleaded guilty to one count of wire fraud.
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