CPA found guilty of stealing and money laundering

A Missouri certified public accountant has been convicted of a $7 million scheme to defraud his employer and clients.

Federal prosecutors say 46-year-old Douglas Richardson, of Lebanon, was found guilty by a federal jury Thursday of six counts of wire fraud and four counts of money laundering.

Richardson owned his own certified public accountant firm and was an executive for Smart Prong Technologies, a Tulsa, Oklahoma-based company that developed technology and manufactured devices for charging cell phones.

Prosecutors say Richardson transferred at least $4.4 million from Smart Prong accounts into his personal and business bank accounts. He also induced several clients to provide loans or make investments by claiming the money would be used for one purpose, when some of the money was instead used for Richardson's benefit or to pay other people.

Richardson faces up to 20 years in prison for each of his 4 wire fraud convictions and up to 10 years each for the money laundering convictions. Sentencing will take place at a later date.