Ranjeet Reedy Paladugu, an Irvine resident and former executive at the Newport Beach-headquartered cosmetics company Urban Decay, pleaded guilty Tuesday to embezzling nearly $600,000 from his employer and was immediately sentenced to a year in jail, according to the O.C. Register.
Paladugu apparently paid back the money before the plea when he transferred $598,500 back to Urban Decay. He had originally taken transferred that money to a fictitious company he had created, according to the O.C.D.A.
Paladugu was accused of trying to cash checks worth $1.1 million, two of which got through before bank officials spotted the embezzlement and stopped payment on the third check, according to the O.C.D.A.