A former worker of Principal Financial Group has been charged with draining $167,000 from mutual fund accounts at the firm, the Des Moines Register reports.
The Des Moines police have issued a warrant for the arrest of Paul N. Germain, 62. If convicted, he faces up to 10 years in jail.
According to the police, Germain had been siphoning money from the accounts since 1997 and the company didn’t find out until a recent audit.
Terri Hale, a spokeswoman for Principal, said that Germain no longer works at the company and that all of the money had been replaced in the shareholder accounts.