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Man pleads guilty to embezzling from family-owned business

A former CFO who police say took more than $325,000 from a foam manufacturer in western Michigan has pleaded guilty in the case.

The Grand Rapids Press reports 43-year-old Chad James Perleberg pleaded guilty this week to embezzlement of more than $100,000 from Wyoming-based Grand Rapids Foam Technologies, which produces foam products used in furniture, bedding, seating and other products.

He faces no more than 5 years in prison when sentenced Oct. 15.

Police say Perleberg used company checks to pay for personal credit cards, issued checks to himself, altered petty cash receipts and used a company credit card for his own expenses.

Court records say an audit found nearly $330,000 had been misappropriated.

Police say the thefts occurred between April 2011 and last October.