SAN DIEGO (CNS) - The former financial controller for San Diego-based RAL Investment Corp. pleaded guilty Wednesday to a federal wire fraud charge for embezzling more than $400,000 from the company.
Derick Jonathan Cameron, 37, of Vancouver, Washington, admitted that while employed by RAL, he issued more than 200 unauthorized checks to himself and deposited them into his personal bank account, according to the U.S. Attorney's Office.
Prosecutors said he used the electronic signature of the company's CFO when issuing the checks and concealed the payments by altering the company's accounting records to make it appear that the checks were being issued to third-party vendors for business expenses.
He was fired after the company discovered the embezzlement in 2018. The company then reported the crime to law enforcement after Cameron couldn't make promised repayments on time, according to the U.S. Attorney's Office.
Cameron is slated for sentencing on Oct. 18 in federal court in San Diego.