Former CFO of Tennessee Nonprofit Pleads Guilty to Embezzling Federal Funds

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September 14, 2011; Source: The Tennessean | Cameron J. Potter, ex-chief financial officer for the Southern Alliance for Clean Energy, concocted a scheme in 2006 to skim $400,000 in Department of Energy grant money, according to the Tennessean. “He created false invoices and submitted those invoices to SACE for payment,” Assistant U.S. Attorney Frank Dale said.

Potter apparently created invoices made out to businesses with names similar to those SACE used as consultants, paid them using the nonprofit’s American Express account, and then transferred the stolen funds to his own accounts through PayPal.

(PayPal is convenient, isn’t it?)

Potter admitted to fraud and money laundering charges in a plea agreement stipulating that he must provide reimbursement with money from his personal and retirement accounts.

(Will Potter use his PayPal account to pay up?)

He will be sentenced in January.—Kristin Barrali