CFO Embezzles $9.9M, Buys Shoes

Annette Yeomans, former CFO for Quality Woodworks, Inc., a cabinetry business in San Marcos, surrendered at the Vista, California jail on Friday. The 51-year-old was booked for investigations of grand theft and embezzlement. Yeomans is charged with embezzling $9.9 million from the company between 2001 and 2007.

Shoe Store - Image: Flickr

According to reports, she spent at least $240,000 of the money on 400 pairs of designer shoes. Apparently quite the fashionista, she also spent $300,000 on clothing and $320,000 on handbags. In addition, Yeomans remodeled a bedroom in her home into a closet.

The losses went unnoticed by the company, but eventually they were forced to lay off employees and restructure due to lack of money.

Yeomans was fired last year and turned over her assets to the company. They have recovered about $2 million so far from the sale of her house, automobiles and other property.

Image: Flickr / Source: Wire Reports