North Carolina

TexasTowelie

(117,505 posts) Thu Jan 13, 2022, 06:01 AM Jan 2022

Former NC CEO admits embezzling $15 million to fund 'extravagant lifestyle,' feds say

The former CEO of a North Carolina manufacturer admitted Wednesday to embezzling over $15 million to fund “an extravagant lifestyle” that included $500,000 in jewelry purchases and stays at pricey New York and Hawaii hotels, prosecutors said.

Taylorsville resident Donna Osowitt Steele also admitted to illegally spending $1 million on travel, $200,000 on family weddings, $100,000 on flowers and $100,000 on Gucci purchases, according to documents in U.S. District Court in Statesville.

Steele faces up to 20 years in prison and a $250,000 fine after pleading guilty Wednesday to wire fraud embezzlement scheme, U.S. Attorney Dena King said in a news release. Her sentencing date hasn’t been set.

Steele, who is free pending her sentencing, couldn’t be reached Wednesday. She declined comment when reached by The Charlotte Observer by phone on Dec. 18.

Bernd Motzer, CEO/president of Tigra USA Inc. in Hickory, where Steele pulled off her long-running scheme, recently told the Observer that the company is “gratified that justice is being done.“

Read more at: https://www.charlotteobserver.com/news/business/article257259997.html

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Former NC CEO admits embezzling $15 million to fund 'extravagant lifestyle,' feds say (Original Post) TexasTowelie Jan 2022 OP

This is my corner of the state. ms liberty Jan 2022 #1

How can a company employing nine people oswaldactedalone Jan 2022 #2

Tigra USA is part of a much larger Tigra. LiberalArkie Jan 2022 #3

Thanks for the info. oswaldactedalone Jan 2022 #4

ms liberty

(9,877 posts)

1. This is my corner of the state.

Reply to TexasTowelie (Original post)

Thu Jan 13, 2022, 06:22 AM

Jan 2022

oswaldactedalone

(3,557 posts)

2. How can a company employing nine people

Reply to TexasTowelie (Original post)

Thu Jan 13, 2022, 07:29 AM

Jan 2022

founded in 2000 with reported sales of 2.1 million per year survive after $15 mil is embezzled? Unless the info I found on Tigra USA is way off, I don’t see how that’s possible.

LiberalArkie

(16,649 posts)

3. Tigra USA is part of a much larger Tigra.

Reply to oswaldactedalone (Reply #2)

Thu Jan 13, 2022, 09:22 AM

Jan 2022

https://www.taylorsvilletimes.com/2021/12/22/feds-allege-woman-stole-15-million-from-employer/

Investigators say it was part of her scheme to defraud that Steele hid her embezzlement from the owners and employees of Tigra by:

a. Opening bank accounts and credit cards in the name of Tigra without the knowledge or consent of the owners and using those accounts to embezzle from Tigra;
b. Limiting communication and interaction between the employees and owners of Tigra and monitoring any communications that did occur;
c. Convincing the employees that the owners were to be feared and they should be scared to communicate with them and/or should be careful around them;
d. Falsely telling employees that the financial troubles of Tigra were due to the parent company taking money out of Tigra’s accounts; and/or

oswaldactedalone

(3,557 posts)

4. Thanks for the info.

Reply to TexasTowelie (Original post)

Thu Jan 13, 2022, 05:08 PM

Jan 2022

She’s evil.

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