SAN JOSE, Calif. (AP) The former bookkeeper for a past
president of Transamerica pleaded guilty Tuesday in federal court
to embezzling more than $11 million from her boss.
Carol Huang, 60, of Berkeley, tearfully pleaded guilty to money
laundering and mail fraud and now faces a lengthy prison sentence
as well as fines of up to $22 million dollars.
Huang worked for former Transamerica president Edward Scarff
after he left the company.
FBI and Internal Revenue Service investigators said that from
1996 to 2002 Huang embezzled money from her boss by overpaying
herself for bookkeeping work from Scarff's business accounts and
would later ``reimburse'' the money with Scarff's personal funds.
``She knows that she's guilty,'' Scarff said outside court. ``It
was all done with great planning and forethought. She's ruined my
life.''
(Copyright 2003 by The Associated Press. All Rights Reserved.)