Lawrence Teodoro, a former resident of Atherton and Menlo Park and the former chief financial officer of a Hayward toy company, has been sentenced to 34 months in prison and ordered to pay $1 million in restitution to Timeless Toys Inc.
U.S. District Judge James Ware sentenced Mr. Teodoro, 41, on June 29, following his conviction of embezzling $1 million from Timeless Toys.
Evidence submitted to the court showed that Mr. Teodoro had set up a secret bank account and used it to finance business ventures and personal expenses, including Hawaiian vacations, escort services, and purchases from “high-end jewelers and clothiers, fancy hotels and spas (and) boutique wine shops,” said U.S. Attorney Kevin Ryan.
The scheme came to light after the bank that held the secret account sent word of an overdraft to the Timeless Toys’ chief executive officer.
Judge Ware called Mr. Teodoro’s behavior “despicable.”
— Bay City News
