According to federal prosecutors, a former CEO was accused of embezzling more than $15 million from her firm and spending the money on a luxury lifestyle that included travel, jewelry, and family weddings.
According to a court filing Friday by U.S. Attorney Dena King’s office, Donna Osowitt Steele of Taylorsville, North Carolina, used stolen money to fund personal businesses maintained by her family.
Steele is facing a single charge of wire fraud. Her attorney isn’t listed in the online court records, nor is there a schedule for her first court appearance.
Steele’s employer isn’t mentioned in the court documents. Prosecutors claim it is a subsidiary of a foreign corporation that manufactures carbide products for use in woodworking saw blades. According to the filing, the company’s owners reside in another country.
Steele had been with the company since 1999 and was the CEO when she was fired in January 2020.
Steele allegedly stole business monies via company credit cards, checks, and wire transfers, according to prosecutors. She allegedly charged around $255,000 in hotel stays in New York City, more than $500,000 in jewelry, more than $200,000 in family wedding expenditures, and more than $100,000 in floral purchases.
According to the court petition, Steele also moved more than $350,000 in embezzled funds to her high-end clothes and furnishings firm, Opulence by Steele.
