BRUNSWICK, Ga. – A 56-year-old man pleaded guilty in what federal prosecutors said was an embezzlement scheme in which he took $1.2 million from TDS Telecommunications over a period of seven years.
According to evidence presented at the hearing, James Jeffrey Hosea created a fake vendor, falsified invoices from that fake vendor and then submitted those phony invoices to his employer for electronic payment to a PayPal account.
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Prosecutors said that once the invoices were paid by TDS Telecommunications, Hosea would then transfer the money from the PayPal account to his personal bank accounts. Evidence showed Hosea made over 800 fraudulent transactions.
As part of the plea agreement, Hosea consented to a judgment against himself in the amount of $1,230,634, which represents the sum stolen from his employer.
Hosea pled guilty to wire fraud. He faces a maximum statutory sentence of 20 years in prison and a $250,000 fine. Hosea's sentencing will be scheduled after a presentence investigation is completed.
Hosea remains out on bond pending his sentencing.