Nancy Preston, Former Corporate Controller Of Clyde's Restaurant Group, Pleads Guilty To Embezzlement

5:58 PM, Sep 26, 2012   |    comments
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WASHINGTON (WUSA) -- A woman who worked at Clyde's Restaurant Group for more than two decades pleaded guilty to embezzling more than $640,000.

Fifty-five-year-old Nancy Preston pleaded guilty on Wednesday to the federal charge of mail fraud for her embezzlement of approximately $647,547, according to the U.S. Department Of Justice. Preston worked for Clyde's starting in 1982 and served as the corporate controller for Clyde's from 1992 to September 2011. 

From 2001 to 2011, Preston diverted approximately $647,547 of Clyde's money to her person credit card and charged Clyde's credit cards to pay for her personal expenses. She also used a Clyde's vendor with Clyde's funds to get goods for personal use. To hide what she was doing, she asked a vendor to alter invoices for her personal items to show other items instead. 

According to the Department of Justice she also "fabricated e-mail messages, which purportedly sought reimbursement for items purchased by Clyde's or Clyde's corporate officers when in fact the resulting Clyde's check paid for Preston's personal credit card bill, and categorized credit card expenses as belonging to corporate officers' training when the expenses were for personal matters for Preston. When Preston learned of an audit on the corporate credit cards, she falsified her Clyde's corporate credit card statement to delete those items which she knew were not authorized business expenses."

Preston faces up to 20 years in prison and fines when she is sentenced on December 12. As part of a plea agreement, Preston will sign over $258,000 of equity-based incentive stock awards or options to Clyde's. She also agreed to forfeit $389,069.

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