Ex-Exec Embezzles $7 Million to Cover Casino Debts

The former president of Sigma photographic company on Long Island Yoshio Yamaki has been charged with embezzling over $7 million from his employer. The money was reportedly used to pay off his casino and credit card debts.

Yamaki, 57, was arrested on Thursday and was arraigned in a Brooklyn federal court. He was charged in the nature of his offense, scheming to transfer stolen property in interstate commerce, according to Bob Nardoza, a representative from the US attorney's office. Yamaki could be spending up to ten years behind bars should he be found guilty.

The complaint stated that Yamaki had the Sigma Corporation of America dole out more than $6 million in checks in his name from 1998 to 2005. The money was allegedly used to pay his almost $5 million debt to various casinos while another $900,000 was used to settle his credit card debts.

Sigma was tipped off by an anonymous email sent to the CEO. The email contained the tipoff that Yamaki could be regularly seen in casinos gambling away huge amounts of money.

The email gave the suggestion that Yamaki might be embezzling company funds so as to get his casino fix.

"When corporate executives loot their companies' treasures to finance lavish personal lifestyles, they can expect to be met by the full resources of law enforcement," said Roslynn Mauskopf, the U.S. attorney for the Eastern District of New York.

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