A former employee with Texas Energy Holdings, Inc. is under arrest and charged with embezzling more than $200,000 from the company.
An employee with the company reported John Cox to the Wichita Falls police when Cox's expenses appeared high. The employee met with Cox regarding the expenses after an audit and Cox said, "He did not have an explanation." He was fired shortly there after.
During the company's investigation, it was discovered that Cox used two methods to misappropriate funds. The first, create completely false expense receipts for reimbursement when no expense occurred. The second, submit altered receipts with an inflated amount.
Following a more in-depth audit between March 2010 and December 2011, the company found more than $200,000 in fraudulent expense reimbursements submitted by Cox.