Peter Suk Lee admits embezzlement from Contempo

Los Angeles-based company Contempo Inc. USA is undergoing a current lawsuit. From court documents, the owners alleged that employee Peter Suk Lee had embezzled approximately 1.4 million dollars from the company as reported by Apparel News.

An investigation that took place earlier this month by the Federal Bureau of Investigation shed some light on the case. Lee was charged with this embezzlement a year after he was hired as a controller for Contempo Inc. On May 9, when the investigation took place, Lee pleaded guilty in U.S. District Court to fraud charges and embezzlement, according to Apparel News. This means that the lawsuit filed that alleged Lee’s crimes can be put to rest and the case can move forward.

Lee’s admittance of crimes includes approximately 393,400 dollars of embezzled funds. He transferred the money from the family-owned business into his personal account. Lee was also found guilty of embezzling from two additional companies: Glovis America Inc. and Orion Technology Inc. His sentence won’t be finalized until his court date for August 15, however he faces up to 90 years in federal prison for his embezzlement crimes.