Report: Ex-Fagen CFO charged with embezzlement
The attorney for a former Fagen Inc. employee said she is cooperating with the government after being charged with embezzling more than $5.7 million from her employer, the Star Tribune reported Tuesday.
Kirsten Ann Tjosaas, 38, was Fagen’s CFO and corporate controller from 2006-last November. She allegedly siphoned money to Fairmont Investments, a company in Nebraska that she controlled, the Star Tribune said. She has been charged with one count each of wire fraud and money laundering. She was charged through a felony information, a procedure, the paper said, that often indicates a defendant doesn’t plan to contest the charges.
Fagen is a family-owned business headquartered in Granite Falls that builds ethanol plants all over the country.
Tjosaas’ attorney said she “has continued to accept full responsibility and she is continuing to work with the government to liquidate assets and secure and return the missing funds.”
The paper said Tjosaas is a certified public accountant who started at Fagen in 2004, and became controller in 2007 and CFO in 2015. Tjosaas was interviewed by the FBI at her Granite Falls home in February, the paper reported. It was there that she admitted embezzling from Fagen, the government said in a motion field to prevent Tjosaas and her husband from selling properties suspected of being purchased will ill-gotten gains.
She is expected to appear at a later date before a U.S. District Court Judge in St. Paul.
In a statement, Fagen said it “has a long history of highly successful business ventures based on trust (and) is saddened by the breach of that trust be a former employee, Kirsten Tjosaas.”