NV Exec Guilty Of Embezzling $2M From Sparks Firm

Wed, 10/19/2011 - 4:25am

RENO, Nev. (AP) — The former chief financial officer for a door lock manufacturer in Sparks faces up to 67 years in prison after pleading guilty to embezzling $2.5 million.

U.S. Attorney Daniel Bogden says Juan Ramon Cabezas pleaded guilty on Tuesday to mail fraud, tax evasion, aggravated identity theft, money laundering and bank fraud.

Bogden says the 55-year-old Reno man forged more than a dozen checks — some worth as much as $200,000 — while serving as the CFO for Securitron Magnalock Corp., a subsidiary of a Swedish door security company. He also falsified accounting entries to send checks to a personal retirement account.

Judge Howard McKibben scheduled sentencing for Feb. 14. Cabezas also could face up to $5 million in fines. He already agreed to forfeit his home, stock and retirement account.



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