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July 9, 1997updated 05 Sep 2016 12:31pm

AEA’S CFO GETS THE AXE AMID FRAUD CHARGES

By CBR Staff Writer

The American Electronics Association’s chief financial officer has been fired amid accusations of fraud, writes the San Jose Mercury News. A lawsuit was filed in the Santa Clara County Superior Court last week accusing William Phillips Jr of embezzling at least $800,000 over a 12 year period. The paper says the AEA went public after Phillips apparently went back on an agreement to repay the organization by June 30. According to the lawsuit Phillips has already paid back $250,000.

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