California Woman Accused of Embezzling $10M, Buying 400 Pairs of Shoes and 160 purses

Annette Yeomans, 51, surrendered and was booked for investigation of grand theft and embezzlement. She was being held Saturday, March 07, 2009, at the San Diego County jail in lieu of $10 million bail.

Authorities allege that Yeomans embezzled the money from 2001 to 2007 while she was chief financial officer for Quality Woodworks, Inc., a cabinetry business in San Marcos.  Embezzlement is a theft crime which involves the act of permanently appropriating assets or money by a person to whom they have been temporarily entrusted.

She spent at least $240,000 on 400 pairs of shoes, $300,000 on designer clothing and 160 purses valued at $2,000 each, investigators allege. She also remodeled a bedroom into a closet with the chandelier and a 32-inch TV, they said.  She would put about $25,000.00 on her credit card every week and then pay off the balance the following Monday with company funds.

The losses went unnoticed and the company never hired an outside auditor to check the books because she had a trusted position.  An investigation began after American Express notified the company in February 2008 that one of its checks had been used to make a payment on Yeomans' account.  Yeomans was fired last year and agreed to turn over her assets to the company, which has recovered about $2 million from the sale of her home, some cars and other property. 

Embezzlement occurs when an employee illegally transfers, uses or appropriates money or property for their personal use. An accountant, manager, CEO or any employee may be accused of this crime. Once an accusation is made, an audit will typically be conducted, and the employer may try to withhold the wages of the employee accused of embezzlement. If your employer has said that they suspect you of embezzlement it is essential that you consult a criminal defense attorney in order to explore your best options and defense immediately.