Ex-GameStop VP jailed for 51 months over $1.7 million fraud charges
Ex-GameStop VP of corporate communications and public affairs Frank Christopher Olivera has been charged with fraud in US federal court, after funneling over $1.7 million from the retailer. He faces 51 months in prison.
GI.biz reports that Olivera invented a company called Cloud Communications LLC, and through fake invoices and a fabricated employee, stole over $1.7 million from Gamestop. He pleaded guilty to all charges in November 2012.
The US Attorney's Office for the Northern District of Texas issued a full statement on Olivera's sentencing.
The statement reads, "According to documents filed in the case, beginning in July 2009 and continuing to April 2011, Olivera defrauded Gamestop by submitting false and fraudulent invoices for vendor services from a fictitious company, "Cloud Communications LLC," which he owned and controlled.
"Olivera directed Gamestop to send the payments from Gamestop's offices in Grapevine to Cloud Communications LLC in Las Vegas and Lake Tahoe, Nevada and in Canada. In addition to creating a fictitious company, Olivera also created a fictitious person, "Jennifer Miller," to serve as the point of contact at Cloud Communications.
"Upon receipt of payments from Gamestop, Olivera would deposit the checks into a bank account held by Cloud Communications and then would transfer the fraudulently obtained funds into his personal bank account.
"The overall scheme to defraud involved $1,965,900 in fraudulent invoices."
At the time of writing Olivera has almost returned all of the $1.7 million to Gamestop but must also pay $134,651 in fees related to the trial.
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