08/05/2021

Former Nike advertising and marketing manager pleads responsible to embezzling nearly $1.5 million | News

PORTLAND, OR (KPTV) – Former Nike advertising supervisor pleaded responsible on Monday, to wire fraud, revenue laundering and generating bogus statements on a personal loan application in an endeavor to defraud his former employer, in accordance to Performing U.S. Attorney Scott Erik Asphaug.

In the summer season of 2016, Errol Andam, 49, and a childhood close friend proven a corporation to design and construct the pop-up venues as an unbiased contractor for Nike, according to court docket paperwork. Andam utilized his authority as a manager to be certain his friend’s organization was constantly awarded contracts.

Even with not possessing regulate above his friend’s corporation, Andam took management of a great deal of the company’s financial operations, taking care of financial accounts and issuing invoices to Nike employing by applying an alter ego, “Frank Tiny.” He also employed this identical alias to control the deal account applying Square. That exact same 12 months Andam also renewed a defunct Oregon-primarily based limited liability company (LLC) he owned to funnel funds diverted from Nike and his friend’s organization to accounts to private control.

According to courtroom files, from Sept. to Dec. 2016, Andam diverted and embezzled practically $1.5 million in Nike proceeds.

In 2018, he submitted a pretend economical assertion from his LLC in aid of a household mortgage financial loan software. The statement confirmed that $194,000 in forfeited checks were drawn from a financial institution account owned by his friend’s enterprise. Andam also cast his friend’s signature on a person of the checks and withdrew much of that income without having his friend’s expertise.

Andam was charged with prison information and facts with wire fraud, funds laundering, and earning bogus statements on a mortgage application on Feb. 4.

Beneath the plea settlement, the U.S. Attorney’s Business will advocate a sentence of 37 months in federal jail when he is sentenced on July 12. Andam will ask for a 24-thirty day period sentence and has agreed to pay out extra than $1.6 million in restitution and forfeit $212,838 in criminally-derived proceeds.

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