A former exec at Willis Management in Vermont has been charged with embezzling more than $2.2 million from the captive insurance manager.
Thirty-six-year-old Kenneth MacKay – a former senior vice president – is accused of using money from the company to build a $1.9 million home in Williston, Vt., pay about $240,000 into college tuition savings plans for his five children and to buy a condominium in Florida.
MacKay was arrested Monday after turning himself in to the FBI.
He was charged in federal court with engaging in a scheme to commit bank fraud, wire fraud and money laundering.
MacKay was released on conditions, including that he surrender his passport and not travel out of state.
The government will seek the seizure of the college savings accounts and the forfeiture of MacKay’s home and condo, according to prosecutors.
Willis Management is a subsidiary of Willis Group Holdings Ltd.
Information from: The Burlington Free Press