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March 9th, 2009
06:27 AM ET

Police: $9.9 million embezzlement led to layoffs at firm

[cnn-photo-caption image=http://i2.cdn.turner.com/cnn/2009/CRIME/03/08/california.alleged.embezzlement/art.quality.woodworks.kgtv.jpg]

CNN

A former official of a cabinet company that has laid off employees has been arrested on suspicion of embezzling $9.9 million from the company over seven years.

Annette Yeomans, who was chief financial officer for California-based Quality Woodworks, was arrested Wednesday after a yearlong investigation, according to the San Diego County Sheriff's Department.

Because of the embezzlement, the San Marcos, California, company was forced to lay off employees and restructure, police said.

"She used these monies to gamble. She used them to remodel her home. She used them to buy expensive clothes, shoes, [including] a $4,000 pair of Italian shoes. She had more than 400 pairs of shoes in her closet," Sgt. Mark Varnau of the Sheriff's Department told CNN. "She had 160 high-end purses valued at $2,000 apiece."

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