Former PolyOne sales rep sentenced for embezzling

By Frank Esposito
Senior Staff Reporter

Published: December 2, 2011 6:00 am ET

Related to this story

Topics Materials, Suppliers

AVON LAKE, OHIO (Dec. 2, 12:50 p.m. ET) — A former European sales rep for materials firm PolyOne Corp. has been sentenced to two and a half years in jail for embezzling more than $2 million from the firm.

Lubos Arnold, a sales rep based in the Czech Republic, was sentenced on Dec. 1 by Judge John Adams in U.S. District Court in Akron, Ohio. Arnold had been charged with wire fraud and was arrested Sept. 12 at Cleveland Hopkins International Airport.

Arnold, age 55, illegally withdrew $2.3 million from a PolyOne bank account in the Czech Republic between June 2009 and June 2011. According to a court affidavit filed by FBI Special Agent Sean McGovern, Arnold himself was the victim of a scam in which he gave the money he took from PolyOne to individuals who told him he was to receive a $12.5 million inheritance.

Arnold had asked PolyOne officials for a personal loan in late 2009 to help him obtain the alleged inheritance. At that point, Arnold already had stolen almost $500,000 from the firm, the affidavit said.

Officials with Avon Lake, Ohio-based PolyOne issued the following statement on Dec. 2:

“Earlier this summer, as part of our internal control processes, we identified some serious violations against our company. We immediately notified the proper authorities, including the FBI, which ultimately resulted in the arrest and conviction of a former employee.

“PolyOne has the highest ethical standards, and we will remain proactive in associate training and monitoring for ethical business conduct. Behavior contrary to those standards will not be tolerated.”

PolyOne officials declined to comment on the case.

According to the affidavit, PolyOne officials began to investigate the matter in July 2010 after noticing a large debit balance in its Czech account. A bookkeeper in PolyOne’s Prague office — who had agreed to disguise Arnold’s illegal use of funds — told PolyOne officials that the large balance was for a loan to allow a local warehouse contractor to build a storage warehouse facility.

Arnold met with PolyOne officials in Prague in July. At that time, according to the affidavit, he admitted to taking the money for a personal loan, even though he had not been authorized to do so. Arnold added that the bookkeeper — who is not identified in the affidavit — did not benefit in any way from the money that Arnold took.

Arnold told officials he was first informed of the alleged inheritance by a London-based attorney identified as Randolph Brown. In some cases, Arnold withdrew cash and traveled to Amsterdam, where he met with a person named Andy Fish, who claimed to be connected to the inheritance. Arnold also wired funds to bank accounts in the U.S. and Hong Kong that were tied in to the alleged inheritance.

PolyOne ranks as North America’s largest compounder. The firm posted global sales of $2.6 billion in 2010.


Former PolyOne sales rep sentenced for embezzling

By Frank Esposito
Senior Staff Reporter

Published: December 2, 2011 6:00 am ET

Post Your Comments

Back to story

More stories


Sabic adding Stamax production line in Shanghai

April 23, 2014 6:55 am ET

SHANGHAI — Sabic Innovative Plastics announced April 23 at Chinaplas that it is investing in a production line for Stamax-brand long glass...    More


HRS adding more North American production for hot runners

April 22, 2014 12:57 pm ET

An Italian tooling component supplier is set to open a new production plant in Grand Rapids, Mich. The HRS Flow Division of San Polo di Piace-...    More

Two Eastman buildings among 10 biggest energy savers in national contest

April 22, 2014 11:35 am ET

Two offices at the headquarters of Eastman Chemical Co. in Kingsport, Tenn., ranked in the Top 10 for energy efficiency in the latest Energy Star...    More


Material Insights: Shell Chemical meets with residents

April 21, 2014 2:16 pm ET

Power outage at a PE plant and the return of a PVC feedstock plant after a fire on this week's Material Insights.    More

DuPont: Asia's food packaging market at a major transition point

April 21, 2014 1:26 pm ET

DuPont Co. touted its packaging innovations and applications, and updated the firm's commercial status at a media event two days before the Chinaplas ...    More

Market Reports

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report provides analysis and discussions of economic and political conditions, market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as strategies being implemented by thermoformed packaging companies. In addition, there are reviews of 25 leading thermoformers in the packaging segment, assessing their growth initiatives and performance metrics over 10 years.

Learn more

Automotive Market Review and Outlook 2014 The Americas

This 75-page report features in-depth analysis of the automotive industry for the Americas. It includes discussions of market trends, legislative/regulatory activity impacting production and threats as well as design strategies being implemented by the major automakers. Detailed charts and data tables outline North American automotive production over the last five years.

Learn more

Plastics Building & Construction Market Review and Outlook 2014 with MS Excel chart data

This report provides in-depth analysis of the plastic building and construction market for North America, including discussions of trends, opportunities, threats and the latest developments in construction trends that impact plastics processors.

Learn more

Upcoming Plastics News Events

May 6, 2014 - May 8, 2014Plastics in Medical Devices 2014

May 12, 2014 - May 12, 2014Plastics News Brazil Pharma Summit

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 3, 2015 - February 7, 2015Plastics News Executive Forum 2015

More Events