| In the interest of speed and timeliness, this story is fed directly from the Associated Press newswire and may contain spelling or grammatical errors. |
SAN JOSE, Calif. (AP) The former bookkeeper for a past president of Transamerica pleaded guilty Tuesday in federal court to embezzling more than $11 million from her boss.
Carol Huang, 60, of Berkeley, tearfully pleaded guilty to money laundering and mail fraud and now faces a lengthy prison sentence as well as fines of up to $22 million dollars.
Huang worked for former Transamerica president Edward Scarff after he left the company.
FBI and Internal Revenue Service investigators said that from 1996 to 2002 Huang embezzled money from her boss by overpaying herself for bookkeeping work from Scarff's business accounts and would later ``reimburse'' the money with Scarff's personal funds.
``She knows that she's guilty,'' Scarff said outside court. ``It was all done with great planning and forethought. She's ruined my life.''