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Justice News

Department of Justice
U.S. Attorney’s Office
District of Maryland

FOR IMMEDIATE RELEASE
Thursday, February 18, 2016

Former Chief Financial Officer Admits to Stealing $1.6 Million From Three Employers

Greenbelt, Maryland –Christopher C. Camut, age 53, of Baltimore, Maryland, pleaded guilty today to  conspiracy to commit wire fraud arising from a scheme to fraudulently obtain at least $1.6 million from three companies at which he was employed as the chief financial officer. 

The guilty plea was announced by United States Attorney for the District of Maryland Rod J. Rosenstein and Special Agent in Charge Kevin Perkins of the Federal Bureau of Investigation, Baltimore Field Office.        

At various times between January 2007 and August 2014, Camut was the chief financial officer for three companies. Company A is a non-profit organization that develops microbicides that can provide women in developing countries with protection against HIV infection.  Company B manufactures products for the medical industry, and Company C develops medical countermeasures against biological and chemical threats.

According to his plea agreement, from January 2008 to May 2014, Camut created false emails, engagement letters, agreements and invoices to make it appear as if financial institutions had provided services to the companies.  He caused the companies to issue checks payable to the financial institutions, which Camut then deposited into his personal bank accounts.  Over the period of six years, Camut stole at least $1,618,951 from the three companies.

Camut created agreements between coconspirator Kaitlyn Jones and Companies A, B and C, which falsely represented Jones’ profession.  Camut caused the three companies to transfer by wire and issue checks payable to Jones, although Jones performed no work for the companies.  Camut and Jones shared the proceeds received from the companies.

To facilitate the fraud, Camut repeatedly forged on documents the name and signature of a bank employee, to make it appear as if the bank had performed work for Companies A and C, when it had not.  Camut forged the victim’s name over 15 times.

Camut has agreed to forfeit and pay restitution of $1,618,951. 

Camut and the government have agreed that if the Court accepts the plea agreement, Camut will be sentenced to 80 months in prison.  U.S. District Judge Peter J. Messite has scheduled sentencing for May 19, 2016 at 9:30 a.m.   

Kaitlyn Jones, age 48, of Reisterstown, Maryland, pleaded guilty to her participation in the conspiracy and awaits sentencing.

United States Attorney Rod J. Rosenstein praised the FBI for its work in the investigation and thanked Assistant United States Attorneys Leah Jo Bressack and David I. Salem, who are prosecuting the case.

Topic: 
Financial Fraud
Updated February 18, 2016