Lawsuit: Sutter County Man Embezzled Millions, Laundered Through iTunes Store
SUTTER COUNTY (CBS13) — A man is under investigation after his former employer accused him of stealing $4 million from the company and spending that money in lavish ventures.
According to a civil lawsuit filed in Sutter County, Kevin Co was the controller in charge of managing money for Holt of California, a heavy equipment company.
He's accused of using company funds to the tune of $4 million to bankroll a wide array of pricey pursuits, including:
- Spending $500,000 on the iTunes Store to buy virtual gold packs for a game used to advance to higher levels. The suit alleges he re-sold the packs through Paypal or online gaming exchanges.
- Buying $500,000 worth of Apple electronic devices.
- Spending more than $300,000 on "extensive landscaping services" at his homes in Sacramento, Loomis and Rocklin.
- Spending $250,000 of company money on Sacramento Kings, San Francisco Giants and San Francisco 49ers games.
- Spending $100,000 on plane tickets.
- Spending $500,000 for cars and auto repair services, $40,000 to a gym business, and $30,000 on a luxury bed.
Patsy Cooper is his former next-door neighbor in north Natomas.
"I'm shocked he would spend that much money on anything that is frivolous like that, because he was very tight with his money," she said. "They moved into a huge home in Loomis and they moved out of Loomis because supposedly it was too much for them."
Now, neighbors say Co lives in a sprawling home in an exclusive gated Rocklin community.
No charges have been filed against him as the Sutter County Sheriff's Department investigates.
Co didn't come to the door and his family would not talk.
Co's wife Tiffani is also named in the lawsuit.
