A former executive at Engelhard Corp. admitted in federal court Tuesday that he stole $12.5 million from the industrial giant to amass a well-known collection of antique clocks.
Francis Vitale Jr. bought more than 140 rare clocks from European dealers, using company funds, and had them shipped to a shop he operated on the side.
At least 200 of his clocks, including one from the 18th Century that brought $431,400, were sold at auctions in New York City and London by Christie’s last year, raising more than $7.2 million.
“He’s had a passion for antique clocks over 30 years; it became a passion that interfered with his judgment,” said Justin Walder, his lawyer.
Company officials said Vitale was fired as vice president of strategic development last year, days after an internal audit raised questions.
Vitale entered a plea of guilty to wire fraud and tax evasion. He owes the IRS about $3 million.
