Chris Olivera, a former Vice President of Corporate Communications and Public Affairs for Gamestop, has pled guilty to one count of mail fraud.
The former VP was accused of embezzling $2 million from his former employer.
Sentencing has yet to occur, but, if given the maximum sentence, Olivera could spend 20 years in prison and face fines up to $250,000. Olivera will also likely be ordered to repay the full $2 million to Gamestop.
Olivera sent money from Gamestop to Cloud Communications, LLC. The company listed a fake representative named Jennifer Miller. Cloud Communications only existed on a superficial level in order to accept bogus Gamestop payments. Olivera had personally filed LLC papers with the Nevada secretary of state.
According to court documents, the embezzlement scheme lasted from July 2009 through April 2011.
Company officials began to suspect that it was Olivera who was cashing the checks, a suspicion that led to a federal investigation and eventually the filing of the embezzlement lawsuit.
Olivera has not yet issued a public statement regarding his actions, although he could still plead with the court during his sentencing hearing.
Gamestop, in the meantime, continues to thrive, announcing the opening of 80 Gamestop Kids stores just in time for the holidays. Gamestop Kids provides games only with family friendly ratings.