Former Kane Realty Executive Indicted

Summary

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"[Clifford A. "Mickey" Clark] engaged in a complex scheme in which he fraudulently took money directly from KRC's management account and indirectly from shopping centers' property accounts," the Oct. 4 indictment reads. "To conceal this theft, Clark used numerous materially false statements and omissions" including false accounting entries, false financial statements and "use of a shell corporation to disguise the nature of his fraudulent transactions."

The U.S. Attorney's Office in Raleigh launched an investigation following an in-depth article published in the Independent on Dec. 14, 2005, which detailed Clark's dealings at Kane Realty, where he worked for John Kane, the founder and CEO with whom he'd been personally close for nearly three decades, sharing more than two dozen business partnerships. (See "The price of friendship," www. indyweek.com/gyrobase/Content?oíd=oíd%3A25776.)

In the wake of the Kane case and prior to Clark's departure, [Doyal Bryant] also says he put safeguards in place to ensure Scientigo was not exposed to the same problems that Kane experienced when Clark was in charge of the Kane Realty books.

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Extract

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Former Kane Realty Executive Indicted

The former president and chief financial officer of Kane Realty Corp., Clifford A. "Mickey" Clark, has been indicted on federal charges stemming from the embezzlement of more than $1 ...

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