Earl Beasley faces prison time for stealing $1M
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By Ann McGlynn | Thursday, November 29, 2007 |
Earl Beasley, a former employee at the Quad-City Times, pleaded guilty today to 74 counts of mail and credit card fraud and money laundering in federal court in Davenport. (Jeff Cook/Quad-City Times) Buy this Photo
A former maintenance supervisor for the Quad-City Times admitted Wednesday he stole hundreds of thousands of dollars from the newspaper by submitting false invoices from shell companies and his company-issued credit cards.
Earl Beasley, 52, pleaded guilty to 74 counts of fraud and money laundering in U.S. District Court in Davenport. He remains out on bond.
The government will seize his ranch in Taylor Ridge, Ill., his retirement fund, his company stock and the items purchased for his personal use — including a go-kart, a mounted moose trophy and a tree stand. A bank and the builder also have claims on the Taylor Ridge house, listed for sale at $815,000.
The outcome of two counts accusing Beasley of conspiring with his wife, Julie Beasley, will be determined after she goes to trial in January, officials said. She is charged with the same 76 counts of conspiracy, fraud and money laundering as her husband.
“I did exactly what I had to do to protect my family,” Beasley said as he walked out of the federal courtroom after pleading guilty.
Beasley likely will be sentenced sometime next year. On one count, he faces up to 10 years in prison, and on the remaining counts he faces up to 20 years in prison. He also faces up to a $250,000 fine on each of the 74 counts and the possibility of paying restitution.
The Times’ estimated loss is $1 million, court documents say.
Beasley was the building maintenance supervisor at the Times from August 1989 until Jan. 19, when he was fired.
According to court documents, Beasley was responsible for ordering items and services to maintain the Quad-City Times building and grounds. He knew that after an item was ordered, a vendor would submit an invoice seeking payment. Beasley reviewed those invoices and forwarded them to his supervisor for payment.
The Beasleys created an organization called Protech Co., which posed as a company providing maintenance supplies, documents state. “In fact it did not purchase or supply such products,” according to the documents. Items ordered included filters, fans, belts, oil, valves, gaskets, pumps and strainers.
They also continued a business, R&E Enterprise, previously owned by Earl Beasley’s parents. It also posed as a company that provided supplies but did not do so. Items included “energy release anti-friction conditioner,” ballasts, light bulbs, solvent and degreaser, documents say.
The Beasleys created false invoices, which Earl Beasley then approved for payment, documents state.
Beasley also used his company-issued credit cards to purchase several items for his own and others’ use. Many of the items were shipped to his house. He created fake invoices with descriptions of items or services consistent with those needed by the Times in order to justify payment. The invoices were submitted to, approved by and paid by the Times.
The fraud was discovered during a review of statements for credit cards issued to Beasley. Several charges were discovered to Cabela’s, but the invoices didn’t match the products listed on the Web site, according to court documents. After contacting Cabela’s, the company also learned that some shipments were made to the Beasleys’ home. After Beasley was fired, additional suspected fraud was discovered through the shell companies.
Ann McGlynn can be contacted at (563) 383-2336 or amcglynn@qctimes.com. Comment on this story at qctimes.com.
BY THE NUMBERS
Early Beasley admitted to buying items with his company-issued credit card, then creating false invoices for the items purchased. Included on the list are ...
| Item on invoice | Item actually purchased |
| Fall prevention system for aerial bucket lift | Telescoping Packmaster tree stand |
| Grounding kit w/clamp | Boots |
| Lightweight disposable coveralls | .45 caliber ammunition |
| Hydraulic pump | Tow-behind disc harrow for ATV |
| Hydraulic pump | Go-kart |
| Odor eliminator | European mount moose trophy |
| Shoe covers | Wall art |
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