BATON ROUGE, LA – A former financial manager has been found guilty of embezzling over $1.4 million from his former employer in Louisiana.
Wade Barbay, 54, of Baton Rouge, Louisiana, pleaded guilty to engaging in a wire fraud scheme to defraud his former employer Axiall Corporation. Through the scheme, Barbay embezzled approximately $1,406,080.
The scheme, which lasted from January 2011 to May 2016, involved Barbay submitting fraudulently-inflated business expenses of other employees for payment to Axiall’s headquarters. He then directed American Express to credit his account with the fraudulently-inflated funds.
Additionally, Barbay negotiated and deposited corporate refund checks into his personal bank account, totaling approximately $280,430. In total, over the course of a five-and-a-half-year period, Barbay fraudulently obtained over $1.4 million from his former employer.
Axiall Corporation, an international manufacturer and supplier of products derived from petrochemicals, is headquartered in Houston, Texas, and employs approximately 9,000 people in more than 42 facilities worldwide. The company has a facility in Plaquemine, Louisiana, where Barbay worked in a financial capacity for over 24 years.
Acting U.S. Attorney Corey Amundson stated that fraud schemes perpetrated by insiders pose a serious threat to organizations and their employees. He thanked the victim organization for uncovering the fraud and assisting in the matter.
FBI Special Agent-In-Charge Jeffrey S. Sallet commended the men and women of the FBI’s Baton Rouge Resident Agency and the U.S. Attorney’s Office for their work in rooting out white-collar crime in Louisiana.
Barbay’s sentencing date has not yet been determined.
Related Federal Cases
- Wade Barbay, Wire Fraud, Louisiana 2016 · Louisiana
- Wade Barbay, Wire Fraud, Louisiana 2023 · Louisiana
- Stephanie R. Threats, HUD Funds Embezzlement, Louisiana 2017 · Louisiana
- Michael David Pitts, Wire Fraud, Louisiana 2014 · Louisiana
- Leonard James McMorris, Wire Fraud Conspiracy, Louisiana 2007 · Louisiana
Key Facts
- State: Louisiana
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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