CFO plead guilty to embezzling nearly $3 million

The former Executive Vice President of Finance, Chief Financial Officer, and Secretary of UCI Medical Affiliates, Inc. pleads guilty in Federal Court this week. UCI manages Doctors Care and other clinics in South Carolina and Tennessee.  South Carolina Radio Network’s Ashley Byrd reports.
“47-year-old Jerry Francis Wells of Columbia plead guilty in federal court as a result of charges brought against him for falsifying documents, documents required to be filed with the U.S. Security Exchange Commission. Wells was the former Chief Financial Officer and the Executive Vice President of Finance and Secretary of UCI Medical Affiliates, Inc. which manages Doctor’s Care and other medical facilities in South Carolina and Tennessee. Wells admitted that from January of 2003 to December 2008, he embezzled more than $2.9 million from UCI by using UCI’s corporate credit card to pay personal expenses preparing false expense reports and submitting fraudulent check requests for non-business expenses such as construction work on Wells’ personal residences as well as payments on personal credit card accounts. UCI uncovered the fraud and brought it to the attention of the SEC and the U.S. Attorney’s Office.
The U.S. District Court will impose sentence after the review of a presentence report which will be prepared by the U.S. Probation Office. The maximum penalty Wells can receive on each count is a fine of $250,000 and imprisonment for five years. Wells will also be ordered to repay the money he stole from the company. In addition to the criminal charges, Well has been named in a civil complaint by the SEC.”

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