Molex investigates $190 million in misappropriated funds

Lisle-based Molex Inc., which makes electrical fiber optic connectors for the telecommunication industry, said Friday it is investigating an employee in its Japan office for so-called "unauthorized" appropriations of about $190 million.

The company said an individual working in Molex Japan's finance group obtained unauthorized loans from third party lenders in Molex Japan's name for about $175 million to "trade on margin in unauthorized accounts."

In addition, the individual is accused of misappropriating cash from Molex Japan of about $15 million.

The company said this person admitted to forging documentation in arranging the transactions.

Company spokeswoman Susan Armitage refused to identify the individual, when the incidents happened, or other details. She would only verify that the company has obtained legal counsel and is conducting an investigation.