SANTA ANA, CALIF. (CN) – The former finance director of Soka University of America admitted he embezzled $1.7 million, and faces up to 10 years in prison for it, federal prosecutors said.
Kiyoshi Hatanaka, 52, of Aliso Viejo, also the was school’s chief investment officer. He admitted he created sham bank accounts for Soka and took money from them for seven years.
The bank reported his suspicious activity, the U.S. Attorney’s Office said. Hatanaka, who agreed to repay the money to Soka, will be sentenced on Aug. 25.
Soka, founded in 1987, is a private, 4-year school in Aliso Viejo.