- Associated Press - Tuesday, February 25, 2014

TRENTON, N.J. (AP) - Federal prosecutors say the former director of finance for a New Jersey-based integrated logistic services company has admitted stealing more than $1.3 million from the firm through an elaborate false invoicing scheme.

Karen Sipes of Brick pleaded guilty Tuesday to wire fraud for her theft from Toll Global Forwarding, a multi-national company based in Carteret. The 40-year-old Sipes faces up to 20 years in prison when she’s sentenced July 29 and also will have to pay restitution.

Sipes was responsible for entering vendor transactions and invoices into TGF’s accounts payable accounting system and paying those vendors by preparing checks from TGF.

Prosecutors say Sipes identified vendors with a high number of transactions and invoices, then created and entered fake transactions and invoices for them, preparing checks payable to herself.

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