"K" LINE's ex-Baltimore boss has entered a guilty plea to fraud arising from a false billing scheme to embezzle more than US$371,383 from the Japanese shipping giant, announced the FBI and the US Attorney for the District of Maryland.Former "K" Line Baltimore boss Timothy Kany, 49 approved invoices submitted by vendors for payment and began embezzling funds from "K" Line through dummy companies, Pawl's Port Services and Bayview Ship Service.
Kany approved invoices that sought payment from "K" Line for services supposedly from Pawl's and Bayview, reported American Shipper. "K" Line mailed cheques to the companies at post office boxes in Bel Air and Abingdon, Maryland., which Kany controlled. He then, and later with an accomplice, retrieved the cheques and deposited them into other bank accounts.
When new-hire Kriste Lynn Ferrell, his secretary, discovered what Kany's was up to, he persuaded her to join him in the scheme. She set up another company, Chesapeake Cargo Services, to bill "K" Line too. Ferrell, 38, also of Bel Air, pleaded guilty on October 29 will be sentenced on March 17.
Kany faces a maximum 20-year jail term followed by three years parole. US. District Judge Benson Everett Legg scheduled sentencing for February 4. Kany will be required to pay back the $371,383 he stole.
Source : HKSG, 09.11.10.
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