By Sean Emery
An executive for an Orange County-based cosmetics company is facing felony charges after authorities allege he transferred more than $1 million from the business into his personal accounts.
Ranjeet Reddy Paladugo, the vice president of finance for Urban Decay, was charged Thursday with felony grand theft and money laundering, as well as sentencing enhancements for aggravated white-collar crime and property loss of more than $200,000, according to the Orange County District Attorney’s Office.
Prosecutors said Paladugo, a 40-year-old Irvine resident, set up fictitious business accounts at various banks, using names similar to those of Urban Decay’s business partners.
On July 17, prosecutors allege, [READ MORE HERE]
Source: OC Register