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.