The story continues today, on the Latex International embezzlement charges as the company’s former president and chief executive officer, Kevin Coleman, entered a guilty plea to federal wire fraud charges and tax evasion. Coleman’s guilty plea stemmed from the company’s discovery that significant funds had been embezzled from the company.
Coleman is the second former Latex International executive to plead guilty to embezzlement charges. Joanne Osmolik, the company’s former head of human resources pleaded guilty to wire fraud charges just last month.
Latex International’s President and Chief Executive Officer, Dave Fisher, said after the embezzlement was discovered, “a comprehensive investigation was undertaken using experienced outside investigators and auditors. Evidence uncovered during that investigation was turned over to federal authorities who initiated an independent investigation. That investigation resulted in the guilty plea entered today.”
Fisher added, “Latex International is pleased that federal authorities are prosecuting this matter and that mandatory federal restitution laws will assist the company to recover at least some of the embezzled funds. Coleman’s guilty plea today demonstrates that he betrayed his obligations to the company, its employees and stakeholders.” And that he felt “this sad chapter in our company’s history is now formally behind us.”
For more information, please visit www.latexinternational.com.
About Latex International: Founded in 1975, Latex International is the world’s largest manufacturer of latex mattresses and pillows, sold under many leading brand names through strategic business partners. Latex sleep products provide a unique feel of comfort and support by gently conforming to body contours, which provide a naturally resilient and healthy sleep environment. More than 200 employees produce mattress cores, toppers and pillow buns utilizing both the Talalay molding and Dunlop continuous flow process from manufacturing and fabrication centers in Shelton, CT and Wichita Falls, TX.