A former employee of Clyde’s has pleaded guilty to embezzling nearly $650,000 from the restaurant over a span of ten years.
Nancy Preston, the company’s corporate controller from 1982 to 2011, faces a maximum of 20 years in prison, including large fines and other penalties, after admitting she embezzled from Clyde’s.
Police say from 2001 to 2011, Preston stole $647,547 to help pay off her credit card and other personal expenses. They say she also charged corporate credit cards in Clyde’s name and used a vendor to buy goods for her own personal use.
As part of her plea agreement, Preston agreed to sign over $258,000 worth of equity-based incentive stock awards to Clyde’s. She also agreed to forfeit $389,069.
Sentencing is scheduled for December 12.