Police concluded a nine-month investigation Tuesday with the arrest of two men accused of embezzling $850,000 from a Salt Lake frozen pizza company.
The former president and an unpaid director and stockholder of Mama D'Angelo Inc. were booked into jail after being charged with six counts each of "unlawful dealing by fiduciary," a second-degree felony, in 3rd Circuit Court.West Jordon detective Jeff Ertle said the two men are accused of writing company checks to make private investments in the stock market, sometimes through a broker in Georgia. "They invested in the stock market, but they took a real bath and lost their chirt to the tune of about $850,000," Ertle said.
Police and the Salt Lake County attorney's office initiated an investigation after corporate accountants and attorneys from New York completed an internal audit and discovered the money was missing, Ertle said. At the time, the company had its Utah headquarters in West Jordan at 8550 S. 3450 West.
Bruce Lybbert, 920 Northern Hills Circle, Bountiful; and Andrew Herbert Turpin, from Laithonia, Ga., were booked into the Salt Lake County Jail after their arraignment before Judge Michael Hutchings Tuesday. Lybbert was released several hours later after posting a property bond. Turpin remained in jail in lieu of $100,000 bail.
Fugitive charges from Las Vegas authorities are also pending against Turpin, according to a court clerk.