Prosecutors Probe Million-DollarEmbezzlement
STURGIS, Mich. - (10/14/05) -- The chief financial officer of ParmaTube Corp. was charged Tuesday with a $1 million embezzlementscheme which he allegedly laundered through his credit union. CraigBalzer, 42, was charged with diverting at least $938,000 from themetal tube maker's accounts and transferring the funds for hispersonal use. Company officials were alerted to the alleged schemeby an attorney who was conducting audits at Kastco CU, inKalamazoo, where Balzer is believed to have transferred as much as$240,000. Credit union officials contacted the owner of the companywhen they were unable to verify authorizations for fund transfersfrom a company account at a bank to the credit union account inBalzer's name, police said. Affidavits submitted with the chargessaid Balzer began making weekly deposits of company funds into hiscredit union account in June 2003, beginning with $60 andeventually reaching $4,000 a week.