Mar.12, 2010, 11:43 pm ICT

NASHVILLE, TENNESSEE (BNO NEWS) – A Former chief financial officer (CFO) in Tennessee was charged with money laundering, prosecutors said Friday.

Ruey Ann Gordon, 58, of Brentwood, Tennessee, a former CFO of the Technology Division of Goldleaf Financial Solutions, Inc., stole more than $166,000 from Goldleaf from January 2006 to November 2007.

Goldleaf is a financial-processing company that, among other things, offered an Internet-based product that allows clients to use the Automated Clearing House (ACH) network, which is an electronic network used by some banks and businesses to process large volumes of credit and debit transactions faster and cheaper than traditional methods.

As CFO, Gordon had the authority to create and approve ACH transactions to pay dealers that provided services to Goldleaf, but she misused that authority, creating several fraudulent ACH transactions for her own benefit. Gordon directed multiple credits to her own personal bank account, concealing them within the system and creating false entries in Goldleaf’s accounting system.

“High-ranking corporate officials hold positions of trust not only in their companies but also in the eyes of the public,” said U.S. Attorney Edward M. Yarbrough. “That trust is broken when such officials abuse their power and commit crimes. A complex corporate embezzlement, just like any other theft, is a serious crime, and the U.S. Attorney’s Office will continue to prosecute those who commit them.”

If convicted, Gordon faces up to 10 years in prison.