A Portland, ME, woman was convicted Friday of embezzling more than $330,000 from a Chinese company in connection with the proposed sale of a paper mill.

Jody Flynn, a former principal of Greentree Renewable Energy Inc., had stolen the funds in 2009 and 2010 from the Guangzhou Dinson Engineering and Trading Limited trading firm. Leanne Robbin, the assistant attorney general who prosecuted the case, told local papers Flynn spent it on personal expenses, including $20,600 for her daughter's tuition, $10,000 for her son's car, and a $60,000 investment in real estate.

Like Us on Facebook

Although having no formal business experience or background, Flynn, 61, formed Greentree with business partner Berthier "Bert" Martin to facilitate the sale of Woodland Pulp LLC to Guangzhou Dinson, which wired $500,000 for the transaction. The funds were then placed in an account controlled solely by Flynn. When the mill owner pulled out of the deal, Chinese company officials requested their funds, at the time amounting to an estimated $380,000, be returned in full. 

However, prosecutors were able to show Flynn "was systematically withdrawing the funds from the Greentree account and depositing them in her personal checking accounts and into the account of an unrelated entity in which she had a 50 percent interest."

Then the mill owner changed positions again and completed the sale to Dinson with assitance from Martin. Flynn charges it was at this time she feared she would not be compensated, claiming to have transfered the money to another account for safekeeping. 

"At the time, Flynn had little of her own money. As soon as the Greentree account was emptied, Flynn ceased communication with Dinson" or Martin, according to court documents. Martin, who was not charged in the trial, would later sue Flynn.

After the prosecution showed the jury she had indeed spent the money through various paper trails and e-mails, Flynn changed her story, saying it was a loan from Dinson.

Flynn is due to be sentenced on August 29, and her lawyer plans an appeal. 

Tagsembezzlement, Guangzhou Dinson, Portland, Maine