SAN DIEGO (CN) - A San Diego businessman was sentenced Monday to 3½ years in federal prison for embezzling $1.1 million from his publicly traded company, and spending the money on himself and to support a fledgling football league he headed.
Jamie Cuadra, 54, was ordered to repay $1.1 million he stole from Umami Sustainable Seafood, and to pay the IRS $387,350 in back taxes, the U.S. Attorney's Office said.
Cuadra was CFO of Umami and president and CEO of "a fledgling football league," prosecutors said in the statement.
"Cuadra converted Oceanic's funds to financially support the football league as well as for his personal benefit," according to the U.S. attorney. "Specifically, Cuadra used stolen funds to develop the football league and attract investors by paying league executives, as well as the league's marketing, consulting, and public relations fees. For example, Cuadra directed over $200,000 to a woman who served as the league's Chief Marketing Officer and Executive Vice President at the time. Cuadra's use of embezzled funds for his personal expenditures included: (1) support for other outside business ventures (including a T-shirt business); (2) leasing a Porsche Cayenne; (3) travel, hotels, and meals; (4) a variety of miscellaneous purchases, including artwork, designer clothing, computers and entertainment systems, and tickets to sporting events; and (5) transfers to several personal accounts."
He was sentenced to 41 months in prison, for wire fraud and filing a false federal tax return.
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