BOCA RATON, Fla. - A chief financial officer for a company based in Boca Raton was arrested Friday and charged with embezzling almost $330,000 from the company.
Investigators said that Charles Abel, who served as the CFO of Hutton Miller, LLC, committed fraud by using company credit cards, as well as unauthorized checks and wire transfers.
Company officials told police that they have documentation for over $300,000 that was stolen, but they think the total loss could be as high as $500,000.
Police said that Abel had access to all journal entries to expenses and revenues and controlled all cash management functions, handled payroll, tax filings and employee benefits.
The Boca Raton police interviewed Abel in February 2014, and he admitted that he took funds that were not his so he could purchase a home for his family.
Abel was charged with grand theft and money laundering and was booked into the Palm Beach County Jail.
He was released from Saturday after posting bail.