A Sudbury woman charged by provincial police for fraud and money laundering in the amount of $1 million is expected to plead guilty to her charges on Feb. 24, court heard Wednesday.
Karen Cady, 47, is charged with fraud over $5,000, laundering proceeds of crime, possession of property obtained by crime, failing to comply with probation order and forgery.
The Ontario Provincial Police allege Cady was the mastermind behind the theft from a business described by police as a “small engine manufacturing, exporting and service business.”
The OPP’s Serious Fraud Office reported last May that in November 2019, they were asked by the Greater Sudbury Police Service to look into allegations from a Sudbury firm of a large-scale embezzlement scheme.
Det.-Superintendent Dominic Chong, director of financial crime services for the OPP, said GSPS referred the investigation to them due to its complex nature, and the financial crime services’ expertise in investigating these types of cases.
The business had discovered a series of financial irregularities in its books, and went to police. Those irregularities totaled around $1 million.
A six-month investigation ensued and on May 21, Cady and her husband, Michael Cady, were arrested and charged.
Michael Cady, 43, faces charges of laundering proceeds of crime and possession of property obtained by crime.
His charges were also addressed Wednesday morning. A council pretrial is scheduled for Jan. 29, a judicial pretrial is scheduled for Feb. 24, and the matter will return to court March 3 to be spoken to.
