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Civic, Corporate Leader Arrested for Financial Fraud

By Danny Fenster
ticklethewire.com
 

A corporate leader and former member of the executive committee of the Oakland Metropolitan Chamber of Commerce’s board of directors was arrested by the FBI agents, the Berkeley Daily Planet reported on Tuesday.

Todd Hansen, former president of global advertising firm Posterscope and of Clear Channel Outdoors San Francisco division, has been charged with orchestrating a financial fraud  to enrich himself by inflating company earnings.

Hansen and a former colleague at Posterscope, “are accused of engaging in a five-year, $19.75 million accounting fraud scheme to make it appear that the Company was meeting certain performance targets when it was not, so that they could receive higher salary increases, bonuses, and stock options,” according to the FBI. Hansen boosted his income by $1.1 million a year for his five years at the company. He is also accused of mishandling company funds for personal purchases.

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