MINNEAPOLIS (AP) -- The former chief financial officer for Lund Boats pleaded guilty Monday to embezzling more than $14 million from the company over an 18-year period.
Gary Schultz, 52, of New York Mills, pleaded guilty to one count of mail fraud and one count of engaging in a monetary transaction in criminally derived property.
In February, Schultz agreed to pay more than $13 million to settle the lawsuit brought by the New York Mills-based boat maker and parent Genmar companies.
Schultz was fired as Lund's chief financial officer in March 2001 and charged with embezzling $1.8 million from the company. That amount quickly grew during an ensuing investigation.
Brainerd Dispatch ©2013. All Rights Reserved.