Local accountant charged with $1.1 million fraud

Keywords Accounting / Law / Legal Issues

A former accounting manager for Carrier Corp. in Indianapolis has been charged with federal mail fraud charges after FBI investigators found he allegedly stole almost $1.1 million from the air-conditioning and refrigeration business.

Ryan M. King, 43, faces up to 20 years if convicted, according to the U.S. Attorney’s office, which announced the charges Tuesday.

King oversaw financial transactions for Carrier, a division of United Technologies Corp., at its West Morris Street office from February 2013 through February 2015, investigators say.

According to the investigation, King opened an unauthorized personal checking account in the name of “Carrier Services” at Bank One in June 2013.

Investigators say King instructed several UTC vendors via email to write checks for outstanding invoices to Carrier Services, which he would deposit in the personal account. He also allegedly sent inflated invoices to other vendors via fax and asked them to make direct wire transfers into the account.

The investigation said King used the account to defraud Carrier and the vendors out of $1,095,000.
 

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