PepsiCo Veep Embezzled $1.8 Million

WHITE PLAINS, N.Y. (CN) - A vice president of marketing admitted he embezzled $1.8 million from PepsiCo. Edward F. Backus pleaded guilty to all three counts of a felony information on Wednesday, federal prosecutors said.

Backus, 53, of Ridgefield, Conn., and two co-conspirators cashed in fraudulent invoices for travel and entertainment expenses that were supposed to be used to entertain customers, the U.S. Attorney's Office said. He faces fines and up to 20 years in prison on each count: conspiracy, travel agency mail fraud and livery company mail fraud. He also was ordered to pay $2.4 million in restitution.

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