The former financial controller of a San Diego-based investment company has recently been sentenced to 20 months in prison for embezzling more than $400,000 by issuing checks to himself using the company CFO’s electronic signature.
Derick Jonathan Cameron, 38, of Vancouver, Washington, pleaded guilty to wire fraud stemming from his actions during employment with RAL Investment Corporation, a Jan. 10 U.S. Department of Justice press release said.
“The impact of fraud on small businesses can be devastating,” U.S. Attorney Randy Grossman said in the release. “This defendant abused his position of trust to enrich himself, and he has been held to account for his crime.”
Cameron used his company’s accounting software to issue more than 200 unauthorized checks to himself, the release said. The defendant then covered up the activity by labeling the transactions as payments to third parties for business expenses.
The company, which discovered the fraud in April 2018, fired Cameron immediately and gave him a chance to repay the stolen funds, the release said. The company then “reported the conduct to law enforcement when Cameron was unable to make his promised repayments on schedule.”
In addition to prison time, Cameron was ordered to pay an $8,000 fine and repay the company $203,857, the release said. The amount is in addition to $200,000 the defendant previously returned to the company in 2018.
Cameron is required to pay $10,000 by March 12, with the court “suggesting Cameron could sell a recently purchased motorcycle to pay the debt,” the release said.
“The FBI will continue to vigorously pursue those who use their workplace access for personal and financial gain over professional responsibility,” FBI Special Agent in Charge Suzanne Turner said in the release. “Mr. Cameron’s check-writing scheme hurt this small, family-owned business, endangered its livelihood, and impacted its employees. Today, Mr. Cameron faced judgement for those criminal actions.”
