Gregory Wolfe, the former manager of Aquarius Pools Inc., has been sentenced to two years in state prison for his role in the company's demise.
During his tenure as the company's general manager, Wolfe repeatedly diverted hundreds of thousands of dollars that the company had received from numerous pool customers throughout the Sacramento Valley, according to a Sacramento County District Attorney's Office news release. His wife, Teresa Wolfe, was previously sentenced to one year in jail after pleading no contest to felony embezzlement and tax evasion.
Law enforcement agents with the Contractors State License Board, the Franchise Tax Board and the District Attorney's Office spent several thousand hours investigating and studying the collapse of the firm, executing search warrants and issuing numerous subpoenas to obtain all necessary documents and evidence, according to the news release.
An examination of Aquarius' banking records, completed by two independent forensic accounting experts, revealed that the only people responsible for criminally mishandling huge sums of money over a period of several years were Gregory and Teresa Wolfe, officials said. As a result of the investigation, the owners of the company, Richard Carnation and Kevin Towle, were exonerated of any criminal wrongdoing.
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