Former Euro RSCG Finance VP Charged With Embezzling $1 Mil. | Adweek Former Euro RSCG Finance VP Charged With Embezzling $1 Mil. | Adweek
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Former Euro RSCG Finance VP Charged With Embezzling $1 Mil.

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NEW YORK -- Dominador S. Ponsades, a former vice president for finance at Euro RSCG Worldwide, has been charged by federal prosecutors with embezzling $1 million from the agency.

The United States Attorney for the Southern District of New York, in that an Indictment was unsealed yesterday, is alleging that between Dec. 1996 and March 2001, Ponsades forged expense reports to cover personal debts and other expenses, notably $300,000 to enlarge and store his wine collection.

The eight-count indictment includes five counts of mail fraud, one count of bank fraud and two counts of interstate transportation of fraudulently obtained securities.

If convicted, Ponsades faces a maximum sentence of 30 years in jail and a $1 million fine.

Ponsades, 41, lives in Orangeburg, Rockland County, handled the company's internal bookkeeping in Euro's New York office, company representatives said, noting that he was not responsible for clients' funds.

He was fired in March 2001 following an investigation into possible financial improprieties attributed to Ponsades, said Nancy Wynne, Euro's general counsel. Finding reason for suspicion, the company immediately alerted federal authorities, she said.

"In our internal investigation, we sought to discover whether any clients' funds were harmed or whether our financial statements were affected," Wynne said. "We found that there was absolutely no impact to our clients or company finances resulting from any improprieties related to this case."