Former GameStop VP pleads guilty to $2 million embezzlement scheme

Former GameStop vice president of corporate communications and public affairs Frank Christopher Olivera has pleaded guilty to embezzling nearly $2 million from the nation's largest game retailer.

According to a federal indictment obtained by The Dallas Observer, Olivera regularly moved funds from GameStop to Cloud Communications LLC from July 2009 through April 2011.

Cloud Communications existed solely on paper, the documents say, with Olivera transferring the funds to his personal bank account.

In Olivera's guilty plea, he admitted to one count of mail fraud, which carries a maximum 20-year prison sentence and a $250,000 fine. A GameStop representative declined to comment in a statement to Joystiq, but confirmed that Olivera was terminated last year.