|Carl Mosack abused his powerful position in a company to help deal with a massive gambling debt. The former corporate executive stole company money to pay off roughly $30 million in gambling losses. Carl was sentenced to as little as two years in Federal prison, which doesn’t really put anyone off helping themselves to their employers wealth.|
Carl Mosack was the former president and chief executive of Conbraco, which is based in the Charlotte suburb of Matthews and sells industrial valves and gauges. The seventy-one year old had pleaded guilty to wire and bank fraud charges in March 2001. Mosack's lawyer, David Rudolf, said Mosack has repaid more than $25 million owed to his former company and various banks.
Mosack declined to address US District Judge Graham Mullen or to speak with reporters after his sentencing.
Mullen said he would recommend Mosack be assigned to a prison that offers addiction counselling. He also ordered Mosack not to gamble during the two years of supervised release he will serve after his sentence.
Prosecutors said that during a one-year period in 1999 and 2000, Mosack lost $36 million gambling, primarily on football games, and won about $5 million.