11/20/13 - A former CEO who was aided by a bookkeeper in embezzling millions of dollars from a non-profit corporation for more than a decade has been sentenced. 67-year-old Jerry Stage of New Hudson, the former CEO of the Compensation Advisory Organization of Michigan or CAOM, is said to have embezzled approximately $2.6 million during an eleven-year period while 55-year-old George Bauer of Commerce Township, the companyâs bookkeeper, covered up his tracks. Stage was sentenced this week in Wayne County Circuit Court and ordered to serve 3 to 20 years in prison. He earlier pleaded guilty to felony charges of embezzling more than $100,000 and conspiracy to do so. Bauer was previously sentenced to five years of probation and pleaded guilty to felony count of conspiracy to embezzle. The men must repay $2.6 million per a joint restitution order as part of the plea agreement. An investigation conducted by the Michigan Attorney Generalâs Office revealed that Stage submitted false or inflated reports for personal expenses as well as his own pay raises and bonuses before retiring in July of 2012. The office says Stage paid Bauer to help him cut checks to himself, and for Bauerâs continued silence. A number of financial reporting irregularities were discovered after Stage retired, and an audit later revealed the embezzlement. (JM)
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