Former St. Charles CEO pleads guilty to fraud
Duane Martin, 43, of Chicago, pleaded guilty Thursday in U.S. District Court to wire fraud for diverting more than $600,000 from the Universal Food & Beverage Co. in St. Charles while he was chief executive officer of the now-bankrupt firm.
According to the plea, Martin had money diverted to himself and to creditors of other stores he owned as well as company stock transferred to creditors.
Martin faces a maximum penalty of 20 years in prison and twice the gross amount gained in the fraud. Sentencing is set for June 29.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.