A Wayne County man pleaded guilty on Tuesday to embezzling funds from a small business where he worked as a financial controller.
Jacob Wise, 29, from Riverview, pleaded guilty on July 7 to one count of wire fraud and one count of money laundering.
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Wise is accused of orchestrating a scheme that caused over $1.1 million in losses to the business where he worked.
During a hearing on July 7, Wise allegedly admitted to devising and executing a scheme to order and to divert the company’s funds to bank accounts he controlled.
The accounts appeared to be legitimate vendors for the company. Federal prosecutors said Wise, instead, allegedly controlled them and used the funds to make purchases, including a Ford F-150 pickup truck.
He faces up to 20 years in prison, a fine of not more than $250,000 and up to three years of supervised release. A sentencing has not yet been scheduled.