Accountant Admits Stealing $4.5 Million From 30 Clients
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DES MOINES, Iowa — An accountant says he stole millions of dollars from clients to pay gambling debts and live a lavish lifestyle.
“Greed is what I got caught up in,” Robert Phillips said in an interview before pleading guilty to two counts of mail fraud Thursday.
During an 11-year period, Phillips stole more than $4.5 million from more than 30 clients who entrusted him with their money to make investments, prosecutors said.
Phillips, 44, a self-employed accountant, has a $210,000 split-level home that he had remodeled with a spa and hot tub. He took extravagant vacations and had a fleet of eight cars--Cadillacs and antique automobiles, authorities said.
He faces a maximum penalty of 10 years in prison and a fine of $500,000.
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