XM accounts payable staffer convicted of stealing $1 million from company
- 1/7/12, "XM Radio employee admits to embezzling $1m from company," Washington Examiner, S. McCabe
Brenda L. Jones, 46, of Lothian, Md., pleaded guilty in federal court to one count conspiracy to commit wire fraud in the theft of more than $900,000.
Under federal sentencing guidelines, Jones likely faces two to two-and-a-half years in prison and a fine of up to $50,000. No sentencing date was set.
She also must make restitution, prosecutors said.
In 2005, Jones began working at what was then called XM Satellite Radio as an administrator in the accounts payable department in Washington.
Her duties included being responsible for payments to the business commercial vendors.
Shortly after her first day on the job, Jones and another XM Radio employee began to embezzle large payments that were supposed to be paid to XM vendors, but instead were paid from to Jones' personal bank accounts.
Jones then gave a portion of the monies to the other XM employee, identified as an unindicted co-conspirator with the initials "V.P.", according to court papers.
The duo covered up the scheme by altering data in the company's accounting system.
Prosecutors said Jones resigned from XM Radio in July 2006, indicating to management that she got a job somewhere else.
But the checks continued to go to Jones, long after her leaving, prosecutors said.
In fact, most of the money, more than $690,000, went into Jones' bank accounts after she no longer worked for the company, prosecutors said.
The theft was discovered when vendors complained that they had not received their payments. A company investigation revealed that employees paid themselves instead of cutting checks to vendors, according to a lawsuit filed in federal court in Greenbelt in 2010.
The New York-based company sued Jones and another former employee, Valencia P. Person, of Anne Arundel County. In June, the company won a $2 million judgment against the women.
Person has not been charged, according to a review of federal records.
The investigation is continuing, prosecutors said." via Radio-Info.comTweet Stumbleupon StumbleUpon