Former RTi Exec Pleads Guilty to $3.4m Theft Charge

Thomas Turey, the former Controller at market research agency Rothstein-Tauber (RTi), has pleaded guilty to embezzling more than $3.4m from the company. He faces a maximum prison sentence of up to twenty years when sentenced in August.

Turey had worked at RTi for eighteen years, during which time his responsibilities included aggregating the company's monthly revenue and expenses, managing accounts receivable, and overseeing the company's bookkeeper. He was also responsible for the firm's general ledger and in charge of bank reconciliations.

In February, Turey was arrested after FBI agents uncovered a theft of $1.2m from the company's accounts. At the time it was alleged that during the previous three years, Turey had written out four checks to himself.

It has since been found that between August 2005 and January 2013, Turey actually stole $3.46m from the company, by writing checks to himself and making numerous 'false entries' in the company's books and records to cover these actions. Most of these funds were then transferred into Turey's online brokerage account.

Back in February, Turey was released on $300k bail, but he now faces a jail term when he is sentenced by US District Judge Janet Hall in New Haven on 20th August.