Former Head of Cambridge Therapeutic Charged with Embezzlement

The ex-CEO and owner of Cambridge Therapeutic Technologies, John Klein, has been charged by the FBI for allegedly embezzling an estimated $3.9 million from a customer, a drug distributor in 2016.

Klein allegedly used the money to pay for personal expenses, including credit card payments, property taxes and private school tuition for his child, according to the complaint filed in the U.S. District Court for the District of New Jersey. He also allegedly used some of the money to make payments to an investor.

The complaint asserts that Klein claimed on financial statements that the money in question hadn’t been collected from the drug distribution company.

Klein could not be reached for comment.