Texas Man Sentenced for Embezzlement
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LUBBOCK, TX -- A man was sentenced last week to 18 months in federal prison for embezzling money from a fitness club chain.
Chad W. Read of Lubbock, TX, had pleaded guilty in August to bilking more than $100,000 from Reaction Fitness Clubs, which operates clubs in Texas and Oklahoma. Read was ordered to pay $15,000 in restitution to the clubs, according to published reports.
Read’s former wife, Emily Joe Khalilli Read, had pleaded guilty to her role in the money laundering and was sentenced in August to 41 months in prison. She was ordered to pay more than $600,000 in restitution.
Prosecutors say the embezzlement occurred from June 2004 to December 2006. Emily Read was a bookkeeper for clubs in Lubbock, TX, Corpus Christi, TX, Lawton, OK, and Tulsa, OK. She used her position to sign checks payable to cash and to herself and her then-husband, according to reports.
Court documents also show the Reads paid for personal credit card accounts from the Reaction Fitness Clubs bank accounts and purchased personal items, including designer clothes, home furnishings and airline tickets.
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