The former chief financial officer for a Littleton company has been indicted for allegedly giving himself $1,447,500 in unauthorized bonuses.
John R. Jackson, 49, former CFO of Littleton-based International Risk Group, was indicted by the Jefferson County grand jury for giving himself the unauthorized bonuses beginning in 2003.
According to the indictment, Jackson initially began with relatively small bonuses of $17,500 in 2003 and $67,500 in 2004.
In 2005, he upped the amount to $140,000, followed by $500,000 in 2006.
In 2007, he allegedly received $367,000 in unauthorized bonuses and $345,000 in 2008.
In 2009, he authorized another $10,000 to himself, according to the grand jury.
According to the indictment, International Risk Group is primarily in the business of acquiring real estate that is contaminated or has other environmental issues and then overseeing an environmental cleanup.
IRG employs about 20 people.
In recent years, bonuses would occasionally be paid but not before the three IRG managing members would meet and discuss who should receive them, said the grand jury.
If approved, the bonuses would be paid through payroll.
The grand jury alleged that Jackson was able to bypass the normal bonus-decision process because of his position as chief financial officer.
Jackson allegedly contacted Employee Services Group, which managed IRG payroll, and informed the firm that several bonuses a year were to be paid to him.
The amount of bonuses, totaling $1,447,500 over the years, were paid into one of two bank accounts belonging to Jackson, the indictment alleged.
In addition, Jackson was responsible for oversight of the financial affairs of the IRG health plan and set up an account at Guaranty Bank for this purpose.
The indictment alleged that on Sept. 23, 2008, Jackson approved a wire transfer from the Guaranty Bank health care plan account in the amount of $12,500. The indictment says the money was transferred to a Seattle law firm and was used to benefit a Jackson friend so the friend could avoid foreclosure on a home.
According to the grand jury, the money that Jackson allegedly stole from IRG was used for personal purposes. He has not paid any of the money back, said the grand jury.
The grand jury indicted Jackson on eight counts of felony theft. He turned himself in and posted bond of $25,000. He is to appear Aug. 20 in Jefferson County District Court.
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com
