— Waseca resident Kevin Coleman was sentenced to 70 months in prison Tuesday for embezzling $1.7 million from the Connecticut company he formerly headed.
A U.S. District Court judge in Bridgeport, Conn., sentenced Coleman following his guilty plea in February to wire fraud and tax evasion related to the embezzlement from mattress manufacturer Latex International.
He also was ordered to pay more than $3 million in restitution to the company and the IRS.
According to authorities, the 51-year-old Coleman used the money to pay for an extravagant lifestyle that included hundreds of thousands of dollars in jewelry for himself, his wife and his mistress in London.
Coleman had asked for a four-year prison sentence, citing “an atmosphere within the company that overlooked the spending habits of its executives and directors.”
Another executive with the company pleaded guilty to embezzling about $1.7 million and received a 4-year sentence in April.
In asking for the 4-year sentence Coleman referenced a difficult childhood in which his alcoholic stepfather beat his mother and him. He said he also had a history of “rampant” drug use.
The mattress company’s current CEO, David Fisher, said 43 people in Connecticut lost their jobs as a result of the embezzlement.
Prosecutors said Coleman engaged in a “shocking and widespread crime spree” that included buying his mistress a Mercedes convertible on the company’s dime.