5/11/13 - A former CEO and bookkeeper have been charged with embezzling millions of dollars from an insurance company. 67-year-old Jerry Stage of New Hudson and 55-year-old George Bauer of Commerce Township surrendered to authorities this past week. The charges follow an investigation conducted by the Michigan Attorney Generalâs Office. Stage, the former CEO of the Compensation Advisory Organization of Michigan or CAOM, is alleged to have embezzled approximately $2.6 million from the company during an eleven-year period while Bauer, the companyâs bookkeeper, allegedly covered up his tracks. Stage is said to have submitted false or inflated expense reports for family vacations, tuition, wedding expenses, pet care and dining. Stage also allegedly inflated his own pay raises and bonuses before retiring in July of 2012. At that time, a review of expenditures was conducted to assess the companyâs financial health. A number of financial reporting irregularities were discovered and the company then retained a firm to conduct an official audit, which revealed Stage allegedly embezzled approximately $2.6 (m) million. Itâs alleged that Stage paid Bauer to help him cut checks to himself, paying Bauer for his silence. Both men waived scheduled preliminary exams and will be arraigned on the felony charges in Wayne County Circuit Court May 23rd. (JM)
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