US federal prosecutors have charged the former chief financial officer of Euro RSCG Worldwide with embezzling $1 million (€1m; £0.6m) from the global ad network.
Dominador S Ponsades is accused of filing fraudulent expense claims, using the proceeds to pay off personal debts and fund such extravagances as a wine cellar – into which he allegedly poured $300,000 of the agency’s funds.
The US Attorney for the Southern District of New York has indicted Ponsades on eight counts – five of mail fraud, one of bank fraud and two of transporting fraudulently acquired securities between states.
If found guilty, he could face a jail term of 30 years and a fine of $1 million.
Data sourced from: AdWeek.com; additional content by WARC staff