TYLER, Texas (CN) - A North Texas man pleaded guilty to defrauding his employer, a medical devices company, of up to $2.5 million.
Mark Eugene Thomas, 56, of Athens, pleaded guilty to mail fraud before U.S. Magistrate Judge Judith K. Guthrie.
Athens is 80 miles southeast of Dallas.
Thomas worked for Argon Medical Devices, an Athens-based manufacturer of specialty medical products for cardiology, radiology, and critical care.
From 2004 to 2008, Thomas, as accounting manager, provided phony data to AMD's parent corporation and external auditor to make the company appear more profitable, in order to secure capital investments, the U.S. Attorney's Office said in a statement announcing his guilty plea.
The juiced numbers resulted in payment of additional performance incentives for employees, including Thomas. Prosecutors say the scheme inflicted a loss of between $1 million and $2.5 million.
Thomas faces up to 20 years in federal prison. A sentencing date has not been set.Follow @davejourno
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