The former controller of a Dubuque company will spend more than two years in prison for embezzlement.
Fifty-one-year old Michael Schute pled guilty to one count of wire fraud and one count of filing false tax returns in February. He admitted to embezzling more than $365,000s by writing checks on the account of the excavating company to pay his personal bills.
Shute also admitted to altering the company books to make it appear the money was spent by the company. The funds he embezzled are taxable and he owes $86,000 in taxes on the illegal income. He was ordered to serve 33 months in federal prison and pay $306,000 in restitution. He has already paid $56,000 to the company.
