The former employee, David Beulke, has been accused of defrauding the company of millions of dollars by billing it for components from bogus companies from early 1993 to Sept. 2008, says
Prosecutors said he had kept the money in various accounts and spent some of it. The rest of the money went into retirement accounts and investments.
He has agreed to return the money to its rightful owner and plead guilty to mail fraud and signed a plea agreement that includes surrendering the $2.4 million the government had confiscated from a number of banking and investment accounts.
Beulke was employed at 3M's South Dakota Brookings plant for manufacturing healthcare products,
Beulke is being represented by defense attorney David Palmer of Sioux Falls.
The report say the date for a plea hearing at the U.S. District Court in Sioux Falls hasn't been set yet.
Shares of 3M have fallen 0.9% to $83.43 in morning trading.
-- Written by Andrea Tse in New York.
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