Richard Simkins, the Chief Financial Officer for Genesys Industrial Corporation, was sentenced to six years and six months in prison for embezzling over three million dollars and filing false tax returns.
Between 2013 and 2020 Simkins embezzled $2,853,370 for himself and $325,000 for a co-worker he supervised, for a total of $3,178,370. During that time period Simkins signed hundreds of company checks to pay for personal expenses, beginning with $144,107 in 2013 and ending with $588,717 in 2020.
Simkins, the Kansas City Business Journal CFO of the Year for 2012, failed to report any of the embezzled money on his tax returns. He used the funds for personal expenses, including jewelry, travel, tickets to Disneyland and Disney World, cars for himself and his family, household expenses including pool and lawn care, school expenses including college tuition and fraternity payments, rent for himself and relatives, and personal mortgage payments.
In addition to the prison sentence, Simkins was ordered to pay restitution in the amount of $2,032,282 to Genesys, $1,005,000 to Travelers Insurance, $867,713 to the IRS, and $129,131 to the Kansas Department of Revenue. He must also forfeit to the government his personal property. Genesys, his employer, spent more than $500,000 to investigate and document the embezzlement.