Executive Admits to Fraud

The chief financial officer of an Anaheim computer accessories firm pleaded guilty Tuesday to funneling $18 million in corporate funds to his own private stock accounts and an Internet firm he owned.

As part of a plea agreement with federal prosecutors, William Anthony Lloyd, 40, of San Juan Capistrano agreed to make full restitution to the firm.

Lloyd must immediately liquidate $9 million in stock and insurance funds and sell estates in England and France worth up to $6 million, according to the U.S. attorney’s office.

“In the end, he’ll be penniless in his effort to make restitution,” said Assistant U.S. Atty. John Hueston, who handled the case.

Lloyd, a British citizen, acted as the chief financial officer for Targus Group International, a company that produces luggage for computers and computer accessories and operates offices throughout the world.

In September, a federal grand jury indicted Lloyd for accessing a company line of credit and diverting funds for his own use.

At the time, Lloyd’s lawyer said his client was doing what was necessary to save a faltering company. Federal prosecutors said that was untrue and said that Lloyd diverted almost $5 million to an Internet real estate firm he owned.

In all, Lloyd pleaded guilty Tuesday to 15 counts of wire fraud. He faces three to five years of imprisonment if he abides by the terms of the plea agreement.

Lloyd will appear before U.S. District Judge Alicemarie H. Stotler again in February for sentencing.

Authorities have said it may be the largest single embezzlement case ever in Orange County.