Tae Bo Creator Bilked out of $1.1 Million, Accused Sentenced to 33 Months on Federal Criminal Charges
It has been estimated that employee theft costs US businesses nearly $50 billion annually. Apparently, $1.1 million of that came straight from the bank account of Billy Blankes, the founder of the once popular Tae Bo workout craze.
The defendants had been hired by Blankes to manage his finances, but committed fraud, compelling the accused to hire a federal defense attorney to try and keep them out of prison.
Rhenee Sharmell Foster, 46, and Demetria Foster Gutierrez, 52, were both sentenced for bank fraud, which is a federal crime. Both women were sentenced to 33 months in federal prison, and will not be allowed to work in a capacity where then manage the finances of their employer for another three years after their release.
In addition to serving time, the women were ordered to pay $1,119,000 in restitution to Blankes. Blankes was a B movie star, and martial arts expert, who created the Tae Bo workout that swept the nation several years ago. He founded a company, BG Star Productions, and hired Foster and Gutierrez to manage the finances of the company. The Blankes’ personal expenses were also paid through their company.
Beginning in 2007 and stretching out for approximately three years, Foster and Gutierrez began doctoring accounting records to show debts and bills never incurred by Blankes or his company in order to cover up more than 70 unauthorized withdrawals from the corporate account.
Among the items purchased were vacations, clothes and multiple Range Rovers.
Times are tough, but these women were clearly living the high life on someone else’s dime. And whether you are stealing $1.1 million or $100 from your employer; if you get caught, you’ll be looking for a criminal defense lawyer of your own to keep you out of jail.
