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Former Ovation CFO arrested on multiple theft charges

June 29, 2015

The former chief financial officer for Ovation Audio-Video Solutions LLC has been arrested and charged with more than 20 counts of theft for allegedly misappropriating about $600,000 in company funds for his own use, Marion County Prosecutor Terry Curry announced Monday.

Alfred Talens, 40, also faces charges of tax evasion, corrupt business influence and money laundering in the case, the prosecutor’s office said. Talens faces as many as 20 years in prison.

According to court papers, Talens was working for Castleton-based Ovation as a contracted accountant when he was hired as part-time CFO in late 2011.

Between the time of his hiring and early 2014, investigators say, Talens used company funds for personal expenses including appliances, technology, and home-improvement materials; a sports club membership and related expenses; airline tickets; Indiana Pacers tickets; and payments on a loan for a recreational vehicle.

A company official went to the prosecutor’s office in May 2014 after suspicious purchases, cash withdrawals and checks written from the company’s corporate accounts were noticed. Talens was fired in June 2014.

During his time at Ovation, Talens also was a partner at Ascension Wealth Management LLC, a small Indianapolis-based financial firm. In early 2012, investigators say, he talked an Ascension client into loaning Ovation $400,000 from his retirement account with the promise of paying back the loan, plus 7-percent annual interest, over three years.
 
Prosecutors say the client did not receive any principal or interest payments on the loan, and Talens planned to use the money for personal expenses or to hide his ongoing theft from the company.

IBJ received a busy signal when it called Ascension's listed phone number several times Monday afternoon. A filing with the Indiana Secretary of State's office indicated the firm was dissolved in May 2014.

Talens was arrested June 22. A pretrial conference is scheduled for Aug. 11.
 

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