Two executives”™ embezzlement from Latex International reportedly forced the company to lay off more than 40 people, suspend a retirement plan and close a British facility.
Latex International makes material used in bedding. The company”™s former CEO Kevin Coleman and former human resources manager Joanne Osmolik both pleaded guilty to stealing $1.7 million from the Shelton-based company.
Coleman, a 51-year-old resident of Waseca, Minn., spent the money on jewelry, luxury items and a car for a mistress in the United Kingdom, according to federal prosecutors cited by the Associated Press.
The AP reported Coleman”™s attorney argued for a sentence of no more than four years, on the grounds that an abusive stepfather sparked in Coleman a drug and alcohol dependency that spiraled out of control.
