Ryan King, Embezzlement, Indiana 2024

Embezzlement Scheme Lands Former Carrier Executive in Jail

A former accounting manager at Carrier Corporation, a subsidiary of United Technologies Carrier (UTC), has been sentenced for his role in a brazen insider embezzlement scheme. Ryan King, 44, of Indianapolis, was handed 12 months in federal prison by U.S. District Judge Sarah Evans Barker.

King, who was employed by Carrier as an accounting manager from June 2013 through April 2014, was entrusted with overseeing the company’s financial transactions, including cost accounting, hourly payroll, and preparation of financial statements. However, he used this position to line his own pockets, diverting a staggering $1,095,201 to his personal account.

The scheme, which was uncovered by the Federal Bureau of Investigation, involved King opening a personal checking account in the name of ‘Carrier Services’ in June 2013. He then instructed various vendors to make payments owed in the form of checks made out to Carrier Services, which he would then deposit into his personal account.

In addition to the checks, King also sent inflated invoices to several vendors, instructing them to wire the overpayment to his personal account. This audacious scheme, which spanned over a year, ultimately netted King a hefty sum that he used to fund his lavish lifestyle.

However, King’s luck ran out when the government launched a probe into the embezzlement scheme. The investigation, which was led by the Federal Bureau of Investigation, recovered over $500,000 from various savings and investment accounts and assets owned by King. These monies and assets will be applied toward the $1,233,343.80 in restitution ordered by the Court.

Assistant United States Attorney Cynthia J. Ridgeway, who prosecuted the case for the government, revealed that King was also sentenced to 6 months of home detention during his two years of supervised release, which will commence upon his release from the Bureau of Prisons. The harsh sentence serves as a stern warning to others who would seek to exploit their positions for personal gain.

U.S. Attorney Josh J. Minkler weighed in on the case, stating, ‘White collar criminals steal through position and influence but are thieves just the same.’ He added, ‘Those who choose to commit this type of crime will be held accountable through the partnership of government and private industry to root out crime in whatever form.’

This case serves as a stark reminder that no one is above the law, and those who seek to exploit their positions for personal gain will be brought to justice.

King’s sentence is a testament to the tireless efforts of law enforcement and prosecutors in rooting out white-collar crime and holding perpetrators accountable for their actions.

As the Grimy Times continues to expose the dark underbelly of crime, we remain committed to shedding light on the most egregious cases of corruption and exploitation.

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