A former executive with an international transport company based in Kansas City admitted Thursday that he stole more than $6.5 million.
Douglas Lee Ferrell, 34, pleaded guilty in U.S. District Court in Kansas City to charges of wire fraud and money laundering.
Ferrell was the chief financial officer for Scarbrough International Ltd. before the scheme was discovered in 2014.
The company has recouped most of the stolen money, but Ferrell still owes an estimated $1.9 million, according to terms of his plea agreement with prosecutors.
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The company, headquartered near Kansas City International Airport, is a full-service international and domestic transportation provider, and a U.S. and Mexico customs broker.
It started with two employees in 1984 and now employs more than 100 people in offices around the world, according to its website.
Ferrell joined the company in 2005. He began embezzling from the company in 2006 and continued for eight years, according to terms of his plea agreement with prosecutors.
About $2.6 million was used to purchase, improve and furnish a beach house and property in the Cayman Islands, according to the agreement.
Sentencing for Ferrell is scheduled for Dec. 1.
“This individual broke the law and violated our trust,” the company said Thursday in a written statement. “Fortunately, we have recovered the majority of funds involved and no customers were impacted.”
The company called it a “difficult and painful period.
“Throughout this process, we have remained focused on meeting the needs of our customers and taking the necessary steps to ensure that this type of activity can never happen again,” the statement said. “We are extremely grateful for the continued commitment and dedication of our employees and the ongoing trust and confidence of our customers.”