OKLAHOMA CITY (KFOR) – A man is facing a felony embezzlement charge after he allegedly stole over $1 million from an insurance company’s receivership estate.

When an Oklahoma-based insurance company cannot meet its policy obligations, the Oklahoma County District Court appoints a receiver to liquidate the insurance company.

Officials say Nestor Romero is a CPA who previously served as an examiner of insurance company financial operations for state insurance departments.

Romero was appointed as an assistant receiver of Red Rock Insurance Company in 2014.

“As a court-appointed receiver, Romero was entrusted with control of millions of dollars belonging to Red Rock Insurance Company,” said Attorney General O’Connor. “Romero instead took advantage of that trust for his personal gain. This prosecution of Romero will send a message to all fiduciaries. All Oklahoma taxpayers ultimately pay, to some degree, for insurance company failures.”

In February of 2022, the Oklahoma State Bureau of Investigation was requested by the Oklahoma Attorney General’s Office to investigate allegations that Romero wrongfully transferred $1.2 million from Red Rock Insurance Company’s accounts to his personal and business accounts.

According to court documents, officials say the transactions took place between 2015 and 2019 when Romero had total control of the insurance company’s bank accounts.

Authorities say Romero took over $1 million.

Romero is charged with one count of embezzlement.

If convicted, he faces up to eight years in prison and up to $10,000 in fines, along with restitution.