Woman Admits To Embezzling $10M From San Marcos Company - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Woman Admits To Embezzling $10M From San Marcos Company

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A former bookkeeper for a San Marcos woodworking company pleaded guilty today to siphoning nearly $10 million from the firm over a seven-year period to feed her gambling and shopping addictions.

Annette Yeomans, 51, will be sentenced to 18 years in state prison on July 10.

During a hearing before Vista Judge Robert Kearney, the defendant pleaded guilty to nine counts of forgery and one count of filing a false tax form.

Yeomans also admitted allegations that she stole more than $500,000 and more than $2.5 million, said Deputy District Attorney Anna Winn.

The defendant had faced 111 felony charges.

At an earlier hearing, Winn said Yeomans wrote 582 checks totaling more than $8.7 million on the business accounts of Quality Woodworks Inc. to cover personal credit cards expenses and cash advances.

Affidavits filed in support of an arrest warrant said the defendant spent most of the stolen money gambling at casinos, buying clothing, jewelry and cars, and taking trips to New York, Las Vegas and Europe.

From 2001 to 2007, Yeomans lost as much as $42 million gambling in casinos, investigators said.

American Express alerted the woodworking company to the embezzlement in early 2008, and the firm sued Yeomans and recouped about $350,000, authorities said.

The losses forced the woodworking firm to forego employee raises, lay off some workers and restructure its operations, investigators said.

Yeomans worked at the company for about 15 years and her husband was a cabinet installer there.

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