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President of Sigma Corporation Used Company Money to Pay Gambling Debts
Yoshio Yamaki had the Sigma Corporation of America issue more than $6 million in checks to him between 1998 and 2005 and used the funds to pay nearly $5 million to various casinos and more than $900,000 to his personal credit card bills.
The formaer president of the Sigma photographic company on Long Island has been charged with embezzling more than $7 million from his employer and using the money to pay off casino and credit card debts.
Yamaki, 57, was arrested Thursday and arraigned in federal court in Brooklyn. He could face up to 10 years in prison if convicted.
Yamaki remained in custody Thursday and was scheduled to appear in court Monday for a bail hearing. His public defender, Florian Miedel, could not immediately be reached by telephone for comment.
The scheme was brought to the attention of authorities in December 2004 after Sigma's chief executive officer received an anonymous e-mail indicating Yamaki regularly visited casinos and gambled large sums of money.
A month later, Yamaki's resignation letter was found in his company car, which had been abandoned in Sigma USA's parking lot after he apparently learned he was under investigation, prosecutor said.
Thursday, August 24 , 2006
Gerald Kernighan