Ex-MillerCoors boss admits $8m fraud

A former executive at brewing giant MillerCoors has admitted defrauding the company of $8.6 million (£5.9m) by billing for marketing events that didn’t take place.

MillerCoors brews a roster of famous beer brands such as Coors Light and Blue Moon (Photo: MillerCoors)

David Colletti, 57, who managed MillerCoors sales at stadiums and entertainment venues until 2013, faces a five year prison sentence after pleading guilty to committing wire fraud.

He gathered millions of dollars from the company by processing invoices for marketing events organised by conspirators that were either much cheaper to run or didn’t happen at all.

Colletti would then take a cut the profits made from the scheme, which he used to make investments, pay off debts and splash out on luxury goods.

The charge of wire fraud comes with a maximum sentence of 20 years in prison, according to prosecutors.

But given his admission and testimonies against fellow conspirators, they are pressing for no more than a five year sentence, Law 360 reports.

Over a ten year period, Colletti was able to file 200 false invoices from 15 scam companies to MillerCoors accounts department, who paid out $8,658,302.

Some companies were even set up by colluders for the sole purpose of taking part in the scam, court documents reveal.

The 32-year veteran of the company is expected to pay back the amount along with other defendants in the event that any others are found guilty.

A case was first brought against Colletti and his wife in August 2014, when MillerCoors filed for a $13 million lawsuit, but it could not be resolved.

MillerCoors has been contacted to comment.