Former Scarborough CFO Sentenced to Five Years in Prison for Embezzling From Brokerage
The former chief financial officer of Scarborough International was sentenced to five years in prison for embezzling over $6.5 million from the customs brokerage and freight forwarder, the U.S. Attorney’s Office for the Western District of Missouri said in an…
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April 13 press release. Douglas Lee Ferrell used company funds over an eight-year period, including to buy a multimillion-dollar residence in the Cayman Islands, concealing his embezzlement by controlling the company’s financial affairs “and finding ways to blame others for the company’s financial woes,” the press release said. The fraud was only discovered when American Express canceled the company’s credit card, after which Ferrell admitted to the embezzlement and outlined a plan to pay the company back by selling his assets. The Western Missouri U.S. District Court also ordered Ferrell to pay back nearly $2 million remaining after his initial partial restitution.