Former Urban Decay executive sentenced to year in jail for embezzling nearly $600,000
The former vice president of finance for cosmetics brand Urban Decay pleaded guilty Tuesday to embezzling nearly $600,000 from the Newport Beach-based company last year and was sentenced to a year in Orange County Jail.
Ranjeet Paladugu, 40, of Irvine pleaded guilty to a felony count of grand theft. Two other grand-theft charges and sentencing enhancement allegations were dismissed as part of a plea deal with prosecutors, according to Orange County Superior Court records.
Judge Gregory Jones also ordered Paladugu to complete five years of formal probation, court records show.
Prosecutors alleged Paladugu created fake business accounts at various banks and authorized fund transfers to the accounts from Urban Decay. The transfers took place between July and August, according to court records.
Bank officials eventually spotted the embezzlement and alerted the company, prosecutors said. Newport Beach police investigated the case and arrested Paladugu in December.
Paladugu has paid back all the money to the company, according to his plea agreement. He is expected to begin serving his sentence in July.
Twitter: @HannahFryTCN
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