MINNEAPOLIS (AP) -- A former Lund Boats executive has agreed to pay more than $13 million to his former employer in what might be the largest embezzlement case ever in Minnesota.
Gary Schultz settled a lawsuit brought by New York Mills-based Lund Boats and its parent Genmar companies. Schultz was fired as Lund's chief financial officer last March and charged with embezzling $1.8 million from the company.
That amount quickly grew during an ensuing investigation. In a settlement approved Thursday by a federal judge in Minneapolis, Schultz admitted that he owes the company $13.8 million.
Schultz, 51, was a 30-year employee of the company, which accused him of carrying on the embezzlement since 1984.
Schultz's attorney, Andrew Luger, said he has agreed to turn over almost everything except his home, car and some money for living expenses.
That means more than 200 investment accounts, a Jaguar, a motor home, a pontoon boat and five snowmobiles will be handed over. Also signed over are a cabin and farmland. Two businesses will be liquidated.
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