A Galt resident pleaded guilty to embezzling more than $876,000 from his employer to support a spendthrift lifestyle.
Ruben Rios Jr. used his company’s credit card to obtain $360,000 in cash advances in casinos, purchase four all-terrain vehicles, pay for $80,000 in electronics and consumer goods, and buy a funeral plot.
According to the U.S. attorney’s office, the 40-year-old Rios also used company money to pay $60,000 in delinquent taxes he owed.
Between 2007 and 2009, Rios was employed as a financial controller at POS Portal Inc., a Natomas company that sells electronic payment equipment.
According to a March 17 grand jury indictment, Rios created phony monthly statements for his corporate credit card to conceal his personal expenses. Rios then paid off the credit card balances by transferring money from POS’ bank accounts.
As part of his plea deal, Rios agreed to pay restitution to POS and forfeit items he bought with the company’s money. Rios is scheduled to be sentenced Nov. 3 before U.S. District Judge Kimberly Mueller. He faces up to 20 years in jail and a $250,000 fine.