A former finance executive at a small South Carolina company was sentenced to 70 months in prison for stealing $7 million from her former employer.
Angela Timmons, who was an account manager and finance director from 1997 through 2006 at Peace Textile, also must transfer to the company personal property she bought with the stolen money and around $2.8 million in remaining cash, the Associated Press reported.
Timmons went on quite a buying binge. According to the AP, she bought at least 19 pieces of property; 44 vehicles, including a Porsche, two Mercedes, three Hummers, a BMW, a Jaguar, a Corvette, and an all-terrain vehicle; 22 watercraft including boats, boat motors, trailers and personal watercraft; more than $700,000 in jewelry; golf carts; a tanning bed; and a camper.
Timmons, who pled guilty in June, had faced up to 20 years in prison.
The indictment alleged that from October 2003 through October of 2006, Timmons conducted a scheme to embezzle funds from Peace Textile and to defraud Branch Banking & Trust, according to a press release from the U.S. Attorney for the District of South Carolina.
She forged checks and wired money into her own bank accounts or accounts set up for her by other people, the AP reported. She also altered or omitted financial records to hide the thefts, the wire service added, citing prosecutors.