Former CFO Charged With Embezzling From Nonprofit

SAN FRANCISCO (AP) - A Sausalito man is facing the possibility of nearly 15 years in prison after being charged with embezzling millions of dollars from a San Francisco nonprofit corporation.

Gregory Colley is being held in San Francisco County Jail after pleading not guilty to charges he embezzled $3.9 million from the nonprofit Music Community Concourse Partnership.

Prosecutors say while Colley worked as the chief financial officer of the group he transferred money from the nonprofit's bank account to his personal account.

Before being fired from his job in March, Colley told officials he had borrowed the money to invest in the stock market.

He said he was unable to pay back the money when the market took
a downturn.

The 48-year-Colley is scheduled to return to San Francisco Superior Court Thursday to set a preliminary hearing date.
Information from: Marin Independent Journal,

(Copyright 2008 by The Associated Press. All Rights Reserved.)

AP-NY-08-12-08 0839EDT

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 26870199 -
Gray Television, Inc.