Day-Lee Foods Embezzlement Case Study

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Day-lee Foods Embezzlement case Who? Yasuyoshi Kato 40 years old Chief financial officer of Day-Lee Foods (Large Japanese meat packing company) Company based in Santa Fe Springs, California To explain all of this money, he would say that he was the inventor of Nintendo Biggest case of embezzlement in U.S. history (up to 1997) His identity is now protected impossible to find pictures of him online What is day-lee foods, inc Subsidiary of Nippon Meat Packers of Osaka5 The mother company is worth $7 billion (at the time) Japanese company Among the biggest meat companies in Japan Highlights (dates) Began in 1991 Discovered in 1997 He was arrested by the Internal Revenue Service (IRS) in March 1997 Very unusual case as the money was going straight to him How much? Pleaded guilty for 62$ million dollars stolen from day-lee foods Total embezzlement of $95 million Used about $62 million for himself (and his family expenses/girlfriends) Had to use $38 million in order to hide evidence Confessed stealing up to $ 100 million Sentence of 63 months could have faced 76 years What kind of fraud? Definition of Embezzlement by investopedia: A form of white-collar crime where a person misappropriates the assets entrusted to him or her. In this type of fraud the assets are attained lawfully and the embezzler has the right to possess them, but the assets are then used for unintended purposes. Embezzlement is a breach of the fiduciary responsibilities placed upon

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