Manager of Iowa goods warehouse pleads guilty to defrauding company out of $423,000
CEDAR RAPIDS, Iowa (AP) — A former employee of The Swiss Colony catalog sales company has agreed to plead guilty to an elaborate fraud scheme in which he stole and sold its merchandise online for years.
Chad Saeugling of Asbury, Iowa is scheduled to plead guilty Wednesday to mail fraud and making false statements to financial institutions.
Based in Monroe, Wisconsin, Colony Brands, Inc. is one of the nation’s largest direct marketers, selling everything from furniture to gifts and cheese. Sauegling was a manager at its warehouse in Peosta, Iowa that helps fill customer orders.
Under a plea agreement with federal prosecutors, he’s acknowledged that from 2009 to 2014 he stole merchandise and sold it online to unwitting customers through eBay. The scheme cost the company at least $423,000, which it has recovered from insurance.