SHELTON, Conn. (AP) — Federal prosecutors say the former chief executive of Latex International has pleaded guilty to wire fraud and tax evasion related to his embezzlement of about $1.7 million from the Shelton mattress and pillow manufacturer.

The U.S. attorney’s office says Kevin Coleman, of Waseca, Minn., and Joanne Osmolik, who was vice president for human resources, embezzled more than $3.4 million in corporate money for personal expenses. The 51-year-old Coleman entered his plea Monday in federal court in Bridgeport.

Authorities say he used a corporate credit card at a Minnesota jeweler, Harley-Davidson and other merchants.

Dave Fisher, president and CEO of Latex, said mandatory federal restitution laws will help the company recover some of the money.

Osmolik pleaded guilty to wire fraud in December in the embezzlement of more than $1.5 million.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments (4)
  1. Kevin says:

    Shoot them both……

  2. Uncle Rico says:

    Art Vandelay???

  3. jackactionzero says:

    latex ……mmmmmmmmmmmmmmmmmmmm
    makes me giggy inside

  4. George says:

    who exactly was in charge of oversight? At my company we have a conroller, a CFO, a Board of Directors and no one noticed this?

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