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Former real estate exec charged with embezzling
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A former executive of a Scottsdale-based real estate investment firm was charged with embezzling $11 million from the company in an elaborate fraud scheme for seven years, the Arizona Attorney General’s Office announced Wednesday.
A three-count felony indictment was returned against Douglas Ross Zuber, 50, of Phoenix, was charged with one count each of money laundering, theft and fraudulent schemes while working as executive vice president of Harvard Investments Inc., attorney general's officials said in a statement.
Between 1999 and 2006, $11 million was fraudulently directed into bank accounts that Zuber personally controlled, officials said, but it was not known what happened to the money after that.
As part of the scheme, it is alleged that Zuber created fake vendors and opened accounts in their names and submitted phony invoices and tax information to Harvard, officials said
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