A 31-year-old Palm Coast resident was arrested after allegedly diverting more than $15,000 in company funds into his personal bank accounts over a seven-month period.
Jimmy Paul Garcia Velez, who managed payroll for a local construction firm, was taken into custody on a felony warrant charging him with organized scheme to defraud and grand theft.
According to investigators, Garcia Velez maintained the payroll status of seven former employees who were no longer working for the company. Rather than canceling their direct deposits, he modified the account routing details to send those funds directly into two of his personal bank accounts. During this time, he continued to receive his standard salary.
Additionally, authorities reported that Garcia Velez modified the company’s benefit records to remove his personal health insurance premium deductions, causing the employer to pay 100% of his coverage costs.
The alleged scheme was uncovered when the business owner identified discrepancies in the company’s health insurance expenses and initiated an internal review.
Investigators from the Flagler County Sheriff’s Office General Assignment Unit subsequently subpoenaed bank records, which traced the rerouted deposits directly to Garcia Velez. In total, the unauthorized transfers and benefits totaled $15,456.72.
“A promotion is something you earn through hard work and the trust of the people who sign your checks,” said Sheriff Rick Staly. “This double-dipper was a financial controller with no self-control who decided he’d rather embezzle a raise than earn one.”
Deputies with the Fugitive Unit located and arrested Garcia Velez. He was booked Thursday into the Sheriff Perry Hall Inmate Detention Facility and was later released after posting a $10,000 bond.
READ: Charting A Course To Prison: Florida Man Busted In $60K Boat GPS Heist Spree
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