A 31-year-old Palm Coast resident was detained for allegedly diverting over $15,000 in company funds into personal bank accounts during a seven-month period.
Jimmy Paul Garcia Velez, who managed payroll for a local construction firm, was arrested on a felony warrant accusing him of organized fraud and grand theft.
According to investigators, Garcia Velez kept the payroll status of seven former employees who were no longer with the company. Instead of terminating their direct deposits, he changed the account routing information to send the monies directly to two of his personal bank accounts. Throughout this period, he continued to receive his usual income.
Furthermore, investigators said that Garcia Velez changed the company’s benefit records to erase his personal health insurance premium deductions, forcing the employer to fund all of his coverage costs.
The alleged fraud was discovered after the business owner noticed anomalies in the company’s health insurance costs and launched an internal investigation.
Investigators from the Flagler County Sheriff’s Office General Assignment Unit then subpoenaed bank documents, tracing the rerouted deposits back to Garcia Velez. The unlawful transactions and benefits totaled $15,456.72.
“A promotion is something you earn through hard work and the trust of the people who sign your checks,” said Sheriff Rick Staly. “This double-dipper was a financial controller with no self-control who decided he’d rather embezzle a raise than earn one.”
Deputies from the Fugitive Unit apprehended and arrested Garcia Velez. He was booked Thursday at the Sheriff Perry Hall Inmate Detention Facility and later released after posting a $10,000 bond.
Leave a Reply