3/3/11

http://www.selfserviceworld.com/article/179729/MOD-Systems-co-founder-convicted

A jury convicted Mark E. Phillips, co-founder of Seattle-based MOD Systems on four counts of wire fraud, mail fraud, and two counts of money laundering.

The former director and CEO of the retail-kiosk development company faces up to 20 years in prison at his May 27 sentencing hearing. Phillips was convicted after a nine-day jury trial ending Wednesday in the U.S. District Court in Seattle.

According to a story on Seattle Pi, Phillips was arrested after the company notified federal investigators of suspected embezzlement of its corporate funds last year.