Thursday, March 31, 2011
Admitted embezzler files for bankruptcy
The former finance director of a south-side Des Moines business who embezzled nearly $1 million from his employer has filed for bankruptcy, court records show. Randy Gene Stringer, who worked for DES Staffing and related companies owned by Dan Sethi, filed for liquidation of personal debts under the protection of Chapter 7 of the federal bankruptcy code last week. A Chapter 7 proceeding permits the discharge of debts for a filer in exchange for forfeiture of certain property to pay creditors. Court records show that Stringer, who listed himself as unemployed and not making any money, had $203,650 in assets including a $200,000 home in Clive now in foreclosure, and $705,822 in liabilities including $165,078 owed in state taxes and $367,956 in credit card and other unsecured debt. Stringer pleaded guilty in February 2010 to one count of wire fraud as part of a plea agreement after a federal grand jury had indicted him on 33 counts of wire fraud for allegedly sending $81,475 to Colombia and the Dominican Republic between April and September 2009. He had admitted that he embezzled money as finance director for DES Staffing and Des Moines Quick Cash.