- Associated Press - Friday, April 25, 2014

KANSAS CITY, Mo. (AP) - A former chief executive officer of a Kansas City company has pleaded guilty to embezzling thousands of dollars from the business over nine years.

Federal prosecutors announced James Kilkenney pleaded guilty Thursday to one count of wire fraud in federal court. He was chief executive and chief financial officer of Waechtersbach USA before he was fired in April 2012.

He agreed to forfeit between $208,825 and $400,000, depending on the loss determined by the court.

The Kansas City Star reports (https://bit.ly/1fagsZy ) Waechtersbach admitted he overpaid himself $133,592 and used company funds to pay off loans he took against his 401 (k) fund.

Waechtersbach buys products from German and Asian companies to distribute to U.S. retailers.


Information from: The Kansas City Star, https://www.kcstar.com

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