Agency Says Client Funds Not Involved

Published on .

NEW YORK (AdAge.com) -– A former executive with Havas' Euro RSCG Worldwide has been indicted for embezzling $1 million from the agency, federal prosecutors said.

Dominador Ponsades, 41, allegedly used $300,000 of the money to bolster his personal wine collection.

Allegedly forged checks
Officials said Mr. Ponsades allegedly forged signatures of Euro RSCG employees on checks drawn on a Euro RSCG account, and submitted fraudulent expense reports and check requests.

Euro RSCG Worldwide general counsel Nancy Wynne said the improprieties were discovered in March 2001, and Mr. Ponsades was terminated.

"I want to make it clear that while he was a [chief financial officer], he was the CFO of a non-operating company that handled intercompany matters. He did not deal with clients funds whatsoever," Ms. Wynne said. "There was no client funds lost or impact to our financial statement."

Mr. Ponsades was charged in U.S. District Court for for the Southern District of New York with five counts of mail fraud, one count of bank fraud and two counts of interstate transportation of fraudulently obtained securities.

Most Popular
In this article: