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Post by 50yardfan on Sept 3, 2010 12:27:21 GMT -5
Football team owner accused of embezzling $1.6 million from engineering companywww.washingtonexaminer.com/local/blogs/capital-land/football-team-owner-accused-of-embezzling-16-million-from-engineering-company-102157789.htmlA part-owner of the Baltimore Mariners indoor football team has been charged with embezzling more than $1.6 million from a Laurel-based mechanical engineering firm he also partially owned.
Dwayne Wells, 50, of Potomac was charged in U.S. District Court in Greenbelt on Thursday and arrested on Friday.
In court documents, prosecutors say that Wells and two others purchased the engineering firm Ryco Associates in 2006. Over three years, prosecutors allege, Wells incurred more than $250,000 in unauthorized expenses and created several corporations through which he embezzled funds from Ryco. He also allegedly approved more than $440,000 in payments from Ryco to himself.
The documents say that Wells allegedly used some of the funds to purchase an interest in a Baltimore restaurant and the Baltimore Mariners football team of the American Indoor Football Association. The Mariners finished the 2010 season undefeated, including a 57-42 victory on July 25 over Wyoming in the AIFA Championship Bowl.
Another Ryco owner, Charles K. Fash, has also been charged with misappropriating funds from the firm, according to federal court records.
According to Ryco, Wells is no longer involved in the company. The firm would not comment further on the case.
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