Mt. Lebanon man used his CEO position to steal money, federal prosecutors claim
A Mt. Lebanon man used his position as CEO to steal more than $162,000 from one high-tech company and funnel to himself through another high-tech company he has a controlling interest in, federal prosecutors claim in court documents filed Tuesday.
Kenneth H. Laing, 56, used his position at Ortho-tag Inc. to gain access to the company's Merrill Lynch account and, in 17 transactions, moved the money to RealRFID Inc., prosecutors said.
Ortho-tag is a startup company seeking to sell radio frequency identification microchips that would be placed on orthopedic devices such as replacement knees during surgery so that, afterwards, a treating physician could scan the area of the body containing the implant and pull up records of the implant and the surgical procedure. RealRFID provides radio frequency medical equipment to hospitals and laboratories.
Laing is charged with two counts of mail fraud and one count of wire fraud. His attorney, Steven Townsend, declined comment.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
Subscribe today! Click here for our subscription offers.