Ex-PHH executive charged in theft of nearly $540,000

April 15, 1992|By Liz Atwood | Liz Atwood,Staff Writer

A Baltimore County grand jury has indicted the former director of PHH Corp.'s tax department, charging him with embezzling nearly $540,000 from the Hunt Valley-based business-service company.

Marion Holmes, 51, of the 300 block of Sherwood Road in Hunt Valley, was indicted Monday on three counts of theft for allegedly taking $538,228.37 between Jan. 14, 1988, and Aug. 14, 1991, according to Terry King, an assistant state's attorney in Baltimore County.

PHH filed suit last year against Maryland National Bank and Signet Bank/Maryland, charging breach of contract and negligence for allegedly cashing or transferring 40 checks written on PHH accounts on behalf of Mr. Holmes. The company has also filed a suit against Mr. Holmes and his wife charging embezzlement and other offenses, the company said. Mr. Holmes was employed by PHH from 1986 until 1991, according to the suit filed by PHH.

Also indicted Monday was Steven Reass, 36, of the 1300 block of Dulaney Valley Road, Mr. King said. Mr. Reass is accused of stealing $18,000 between July 1990 and May 1991 by charging the company for services not performed, Mr. King said.

The two men's alleged crimes apparently were not related, Mr. King said. Mr. Holmes and Mr. Reass could not be reached for comment.

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