11.06.2012

VP swindles Tadano for $9 million

Japanese crane and access manufacturer Tadano has fired one of its vice presidents at Tadano America in Houston for the embezzlement of up to $9 million and is taking legal action against him.

Tadano issued a statement in Japan a couple of weeks ago, announcing the dismissal but did not name the individual. It did say though that it was its former vice president in charge of legal affairs at the Houston-based subsidiary.

Legal documents now reveal that the man is Anthony Chiofalo, 51, hired as vice president and head of legal affairs and human resources development in January 2009.

Early in 2011 he set up a ficticious law firm with his wife Susan and then paid cheques to the company totalling over $9.3 million in the period from May 2011 to May 2012.

Susan Chiofalo has been arrested and is being held in custody with an $18 million bail requirement, while Anthony Chiofalo is still at large.