An employee of DeSinco Trading, accused of embezzling in excess of $4 million, was yesterday placed on $250,000 bail by a city court after he denied the allegation.
It is alleged that between October 23rd and December 15th, 2015, at Georgetown, Joseph Armstrong, while employed as a clerk with DeSinco Trading, fraudulently embezzled $4,609,962 that he received on behalf of his employer.
Armstrong, 38, pleaded not guilty to the charge. It was highlighted that the accused, of Diamond Housing Scheme, had been employed by the company as a sales representative for the past ten years.
Prosecutor Neville Jeffers made no objection to bail being granted to the defendant but pointed out that no money has to date been recovered.
Armstrong was ordered by Chief Magistrate Ann McLennan to surrender his passport to the court until the conclusion of the case and was placed on $250,000 bail. He is expected to return before the court on February 8th.
