Tuesday, October 21, 2008

Douglas Ross Zuber, Former Scottsdale Real Estate Exec Charged with $10M Theft

Douglas Ross Zuber, a former executive at a Scottsdale real estate development company has been charged with embezzling more than $10 million from the firm.

The Arizona Attorney General's Office says 40-year-old Douglas Ross Zuber of Phoenix funneled company cash into bank accounts he controlled. He then created fictitious vendors, opened bank accounts in their name and submitted invoices for payment to his employer.

Zuber was executive vice president at Harvard Investments, Inc. from 1999 through 2006. The company discovered and investigated the fraud and then turned the case over to the attorney general.

Zuber was indicted on one count of money laundering, one count of theft and one count of fraudulent schemes and artifices. A telephone listing for Zuber was disconnected.

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