Man gets prison term for stealing millions from Arizona company

A Dutch man has been sentenced to nearly four years in a U.S. federal prison for stealing at least US$1.7 million from a company in Arizona.

Frank Kolk, 49, is scheduled to begin serving his sentence Dec. 19.

After Kolk serves the sentence, he faces a deportation hearing. Kolk, a Netherlands native, has lived in the United States since infancy but never applied for citizenship, according to investigators.

Kolk, a former Tucson resident, pleaded guilty to mail fraud, bank fraud, money laundering and income tax evasion.

As part of his plea deal Tuesday, Kolk promised to pay his former employer, NCH Corp., a real estate development and franchise operation company, US$2.5 million (Ђ1.99 million) in restitution, reports AP.

Authorities said Kolk's scheme involved using unfiled company tax returns to secure bank loans, which he used to pay for cars and other luxuries.

He was paying the loans, but obtained them through fraud, prosecutors said.

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Author`s name: Editorial Team