The Securities and Exchange Commission has obtained an asset freeze order against the assistant controller of a Utah medical technology company, accusing him of transferring funds out of the company’s operating account into an account he controls as a CPA.

U.S. District Judge Dale A. Kimball entered the asset freeze order on Monday against Paul R. Beckwith, the assistant controller of Theradoc, a subsidiary of Hospira. The SEC’s complaint alleges that Beckwith has been transferring funds into a personal account since at least February 2009.

In 2009, Beckwith transferred at least $1,850,000 from Theradoc's operating account to an account he controlled in the name of Beckwith CPA'S. Beckwith's pattern of transfers, as reflected by the bank records, show that Beckwith would withdraw the funds early in a month, and then repay the funds in their entirety by the end of the same month, according to the SEC. After Theradoc's acquisition by Hospira, Beckwith, 37, continued the pattern until August of 2010.

“Beckwith has now grown bolder,” said the SEC complaint. “The bank records for Theradoc's operating account reflect that Beckwith has withdrawn $1.3 million from the Theradoc account in the past six weeks, and not repaid those funds. It appears that the last withdrawal occurred on or about September 15, 2010.”

Beckwith then deposited those funds in trading accounts maintained at TD Ameritrade, a broker-dealer. Beckwith traded securities in those accounts, keeping profits and recently, incurring losses. The complaint also alleges that in order to cover up his conduct, Beckwith transmitted false information to Hospira.

The SEC’s complaint charges Beckwith with violations of the securities laws. The complaint seeks an injunction, disgorgement and civil penalties. The SEC received help in the investigation from the FBI and the U.S. Attorney’s Office for the District of Utah.

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