Members of the Rhode Island State Police Financial Crimes Unit Monday arrested Coventry resident Michael Iarocci, 31, of 44 Sharon Drive on an arrest warrant that alleges he committed Larceny over $1,500 and Embezzlement over $100.
Members of the Financial Crimes Unit initiated the investigation after receiving a complaint from the management of Johnson Bros. of R.I. Co., a liquor distributorship located in North Kingstown. Iarocci was a sales representative for Johnson Bros.
The investigation revealed that from July 2012 through August 2013, Iarocci collected cash payments from five customers and failed to forward the payments to the company. In order to conceal the alleged theft, Iarocci convinced a customer to make overpayments on their account and applied the overpayments to cover the missing cash. The total amount of Iarocci’s alleged theft is $40,031.
Iarocci was processed at the Wickford Barracks and arraigned in Third Division District Court. He was released on $20,000 personal recognizance by Honorable Associate Judge William C. Clifton and was given a felony screening date of Dec. 11.