A former comptroller for USA Today who stole almost $3.6 million over seven years to maintain a lavish lifestyle that included owning 27 custom cars was sentenced Tuesday to 12 years in prison.
Wade Beck, 36, formerly of St. Charles, worked in the Lombard office of USA Today, owned by Gannett Co., Inc. He held several different positions with the company until he was appointed comptroller of the Lombard office in 1998.
DuPage County Judge Robert Anderson sentenced Beck, who pleaded guilty last year to theft over $100,000, to 12 years out of a maximum of 15.
“To steal this much money, he needed to steal $1,800 every working day, $40,000 every month and $480,000 every year,” said Assistant States Atty. Pat Weiland.
Beck stole the money through a series of financial transactions that company officials didn’t catch until 2001 when they installed a new accounting system.
Weiland said Beck set up dummy accounts and had company checks made out to shell companies cashed into his personal accounts.
“We contend that he committed 856 forgeries over a 7 1/2-year period,” said Weiland, adding that Beck’s average annual salary was about $70,000.
Court records indicate Beck spent the money lavishly on his wife and three children, including a $500,000 home in St. Charles and numerous vacations.
“But the bulk of the stolen money went to support his other job, that as owner of Cudas by Beck, a company that refurbished Plymouth Barracudas,” Weiland said.
That company once owned 27 custom cars, 14 of which were Barracudas, and eight car trailers.
“Beck can be compared to the corporate scandal at Enron and the junk bond dealers of the ’80s, although he is less well known,” Weiland said.
Anderson ordered Beck to pay restitution of $250,000 to Gannett and $3.3 million to the insurance company that covered the loss.
“You abused your position of trust. Your job was to prevent what happened from happening,” Anderson said.
Beck said, “I know what I did was wrong, and I sincerely regret my actions.”
Beck has sold all of the custom cars and his home to raise cash. He wife and children have moved to Olathe, Kan., where they have family ties.
