Chireno man accused of embezzling $600k from business - KTRE.com | Lufkin and Nacogdoches, Texas

Chireno man accused of embezzling $600k from business

Roy Love, Jr. (Source: Nacogdoches Co. Jail) Roy Love, Jr. (Source: Nacogdoches Co. Jail)
NACOGDOCHES COUNTY, TX (KTRE) -

The Nacogdoches Sheriff's Department has arrested Roy Love, Jrafter his partners said he embezzled over $600,000 from their business.Love is a former co-owner of Nacogdoches Mill Works.  The company was founded in 1995 by Love,Kenneth Willis, and Gerald Schierman. Willis said when the three started theircompany they had very little money.

"We struggled and worked hard. We put our tools together that wehad," Willis said

Willis further explained his goal was to save money for his retirement.

"My dream was this company making it. I worked all these years, soI can retire and now it's all gone" Willis said

According to the arrest affidavit, Nacogdoches County Sheriff'sinvestigators along with an independent accountant met with the business ownersabout the incident in early May of 2013.

The affidavit said that two of the owners told authorities thatthey felt like the business was struggling at times and that they even puttheir own money in the company.

Owners told authorities that in 2012 they learned they were beingsued by the appraisal district for not paying property taxes.

The affidavit continued saying that when one of the ownerscontacted the appraisal district they were notified Love had recently paidthree years of back taxes.

Investigators said one of the owners started looking at theaccount for the company and noticed several checks made to companies that hadnot been hired by their company.

After the initial record checking, the owners hired an attorneyand accountant and started looking for more records the affidavit stated.

"[the accountant] found a check Love had written himself for$5,000," the affidavit said.

The accountant told investigators that Love would showreimbursements to himself but would not show any documentation for why he wasgetting them.

According to the affidavit, the accountant also discovered thatLove would use the company account to pay for the electric bill at his personalchicken farm. The account also said that Love purchased gas on severaloccasions for his vehicle. The affidavit stated that the owners toldinvestigators that Love did not travel as part of his job. Willis later toldKTRE that Love did occasionally travel for his job.

The affidavit continued saying that after investigators and theaccountant sorted out the records, Love had made $600,147.61 in unauthorizedtransactions.

Authorities say that due to the statute of limitations for theft,authorities believe Love had written $347,425.18 in unauthorized purchases.

In the end, Willis just want answers and to know the truth.

"I don't want to pass judgment on anybody until it passes throughthe court system," Willis said.

After the investigation was completed, a warrant was issued forlove on May 28.

The owners of Nacogdoches Mill Works said they voted Love out ofthe ownership group on Oct. 6, 2012.

Love posted a $100,000 bond Tuesday night.

Copyright 2014 KTRE. All rights reserved.

Powered by Frankly