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Defendant Pleads Guilty to Embezzling Over $1.4 Million from Employer
BATON ROUGE, LA – In a shocking case of corporate theft, Wade Barbay, a 54-year-old former financial manager, has pleaded guilty to engaging in a wire fraud scheme that resulted in the embezzlement of over $1.4 million from his former employer, Axiall Corporation.
According to Acting United States Attorney Corey Amundson, Barbay used his position as Director of Shared Services to embezzle the funds, which were used to pay for fraudulently-inflated business expenses and corporate refund checks. The scheme, which lasted from January 2011 to May 2016, resulted in the theft of over $1.125 million from Axiall.
The case was investigated by the FBI’s Baton Rouge Resident Agency and the U.S. Attorney’s Office for the Middle District of Louisiana. Assistant United States Attorney Jessica M.P. Thornhill is prosecuting the case.
Barbay’s scheme was uncovered after he used his position to negotiate and deposit corporate refund checks into his personal bank account, totaling approximately $280,430. The total amount of embezzled funds exceeds $1.4 million.
Acting U.S. Attorney Amundson stated, ‘Fraud schemes perpetrated by insiders, particularly those entrusted with an organization’s finances, pose a serious threat to all organizations and, by extension, their employees. Our office will continue to aggressively pursue such matters, along with the FBI and our other excellent federal, state, and local partners.’
FBI Special Agent-In-Charge Jeffrey S. Sallet added, ‘I applaud the men and women of the FBI’s Baton Rouge Resident Agency and U.S. Attorney’s Office for their aggressive work to help root out white collar crime within Louisiana.’
Barbay’s sentencing date has not yet been determined.
Key Facts
- State: Louisiana
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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