Ex-Energex boss embezzled company money to gamble
A former Energex Systems Inc. CEO is facing charges of fraud. The 57-year-old Thomas Fagan allegedly stole a large amount of company money
to finance his gambling habit. Fagan used over $100,000 to gamble at casinos in Las Vegas and Atlantic City.
Embezzlement of $230,000
Additionally, the Emerson resident treated himself to huge bonuses, while also financing other personal payments. The former CEO of Energex Systems Inc. also enjoyed a multi-million dollar salary. Fagan is indicted on charges he stole over $230,000 in stockholder money
Jail term up to 10 years
The Emerson resident is also facing charges of tax evasion as he failed to file tax returns. In addition, Fagan filed a false tax return three years ago. He now faces jail time up to 10 years, plus fines up to more than $1 million. Authorities have frozen assets owned by Thomas Fagan.