Executive sentenced for embezzling $2.4M from art firm
LOS ANGELES (AP) — Prosecutors say a former executive who embezzled nearly $2.5 million from a Southern California art reproduction company has been sentenced to more than 14 years in prison.
The Los Angeles County District Attorney’s Office said Monday that 43-year-old Adam Reed Zucker pleaded no contest last year to 35 felony counts including grand theft and money laundering.
Zucker was executive vice president for sports licensing at Artissimo Designs, a Los Angeles-area firm that creates ready-to-hang wall art. Investigators said he fabricated hundreds of licensing agreements that generated fraudulent licensing fees for seven different shell companies that he controlled.
Prosecutors said he transferred the money to his personal bank accounts.
The products he charged for were in the public domain and didn’t require licensing deals.