MINNEAPOLIS — A former executive of Starkey Laboratories has pleaded guilty to conspiracy for his role in an alleged scheme to embezzle more than $20 million from the hearing aid maker.
Scott Nelson was fired from Starkey in September 2015. He was indicted a year later, accused of helping mastermind a $15 million scheme involving illegal stock transfers.
The Star Tribune reports that as part of his plea deal, Nelson must cooperate with authorities in the case against other Starkey executives, including former president Jerry Ruzicka, who has denied the charges. Ruzicka and four others face trial in January.
Nelson also faces up to 60 months in jail and must forfeit up to $2.53 million in ill-gotten stock sale and insurance proceeds.
A spokesman for Starkey Laboratories told the newspaper the company is following the case closely.
Information from: Star Tribune, http://www.startribune.com