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Press Release

Former CFO Sentenced to Prison for Embezzling More Than $900,000 from Employer

For Immediate Release
U.S. Attorney's Office, District of Minnesota

ST. PAUL, Minn. – An Apple Valley man was sentenced today to 27 months in prison followed by 3 years of supervised release for defrauding his employer out of more than $930,000.

According to court documents, in February 2014, Gregg William Johnson, 59, was hired as the Chief Financial Officer for a Minnesota-based manufacturing company. As part of his job duties, Johnson was responsible for overseeing and tracking all cash flow for the company and had signatory authority on the company’s bank accounts. Between 2014 and July 2020, Johnson stole approximately $930,000 in company funds by issuing checks from the company’s bank accounts to cover personal expenses such as credit card payments, mortgage payments, and college tuition for his children. To conceal his theft, Johnson added false entries into the company’s accounting software to make the cashflow appear balanced.

On March 4, 2021, Johnson pleaded guilty to one count of wire fraud.

Acting U.S. Attorney W. Anders Folk for the District of Minnesota made the announcement after Senior U.S. District Judge Donovan W. Frank sentenced the defendant.

This case was the result of an investigation conducted by the FBI and the Apple Valley Police Department.

This case was prosecuted by Assistant U.S. Attorneys Allison K. Ethen and Kimberly A. Svendsen.

Updated August 23, 2021

Financial Fraud