Members of the Rhode Island State Police Financial Crimes Unit arrested Michael Iarocci, 31, of Coventry, Monday on a warrant alleging he stole more than $40,000 from his employer, Johnson Bros. of R.I., a North Kingstown-based company.The Financial Crimes Unit initiated the investigation after the management of Johnson Bros., a liquor distributorship, complained about missing money. According to the state police, Iarocci was a sales representative for Johnson Bros.
The investigation found 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. The Honorable Associate Judge William C. Clifton released Iarocci on $20,000 personal recognizance and set a screening date of Dec. 11, 2013.