CLARKSBURG, W.Va. – A former manager of a Morgantown construction business has entered a guilty plea to wire fraud and money laundering in connection with the theft of $3.5 million from Accelerated Construction Services.
U. S. Attorney Bill Ihlenfeld said Michael D. Allen, 60, of Irwin, Pennsylvania, is accused of unlawfully diverting $3.5 million in company funds for his own personal benefit.
“When someone abuses a position of trust for personal financial gain, it can be crippling to individuals and to businesses,” said U.S. Attorney Ihlenfeld. “Because of this, we will continue to be aggressive in our pursuit of white-collar criminals like Mr. Allen.”
Documents said one of the items that Allen purchased with the stolen money was a 5.19 carat diamond ring for $113,250.
Allen faces up to 30 years in prison in addition to restitution.