Former International Paper Employee Indicted
for Embezzlement of Funds
Memphis, TN - James Wade Cox, 42 of Tremont, Mississippi, and Clint J. Degroff, 39 of Deland, Florida, have been charged in a seven count indictment with conspiracy and wire fraud announced Lawrence J. Laurenzi, United States Attorney for the Western District of Tennessee and My Harrison, Special Agent in Charge of the Federal Bureau of Investigation, Memphis Division. The indictment also contains one criminal forfeiture count.
According to the indictment, Cox, who was an employee of International Paper Corporation (IP) based in Memphis, Tennessee, conspired with Degroff to embezzle funds for personal use. The indictment alleges that Cox created fraudulent vendor accounts in the name of Clint Degroff Consulting and Clint Degroff EXT and then Cox and Degroff would submit false and fraudulent invoices to IP in support of services which were never rendered or performed. The invoices caused payments to be made to bank accounts that were maintained by Degroff. The indictment further alleges that Cox and Degroff then split the monies unlawfully obtained from IP. As noted in the indictment, approximately $737,615.15 was allegedly illegally obtained by the defendants.
Each charge in the indictment carries a penalty of up to 20 years in prison and a $250,000 fine.
This case is being investigated by the Federal Bureau of Investigation, Memphis Division. Assistant United States Attorney David Henry is handling the case for the government.
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Note: Charges brought against a person through a Complaint or an Indictment are accusations only. That person is presumed innocent until and unless proven guilty.