Spectrum Residential Group’s Radeo CFO is arrested by police
Posted September 25, 2018 08:14:30Spectrum Residential Group, Inc. (Spectrum) has announced the arrest of its Radeoi CFO on charges of embezzlement of a company credit card and identity theft.
The company said it has agreed to a settlement of the charges with the U.S. Securities and Exchange Commission (SEC).
In a press release, Spectrum said it had agreed to settle the charges and that the company is cooperating fully with the investigation.
The charges relate to payments made to Spectrum employees in 2016 to purchase a rental property in the company’s hometown of Atlanta, Georgia.
Spectrum said it is cooperating with the SEC investigation.
Radeoi was an executive vice president at Spectrum and the company owns the Spectrum Communications assets.
The company said Radello is no longer employed by Spectrum.
In a statement, Spectrum President and CEO Jim McLean said the company has agreed with the government’s investigation and will work to ensure that Spectrum is fully compliant with the laws.
In addition, Spectrum will make every effort to cooperate with any appropriate authorities and to provide information relevant to the SEC’s inquiry.
Spectra said it will conduct its own internal review of all of its relationships and transactions with individuals associated with the company.
In March, Spectrum suspended all transactions related to the Radeōi credit card account.