The owners of a now-defunct Pella company accused of using employee retirement contributions to pay for company expenses have been found guilty of embezzlement by a Federal jury. According to court records from the Federal Courthouse in Des Moines, James and Beth Van Elsen – who had operated Van Elsen Consulting, Incorporated – were found guilty of all 21 counts of embezzlement they faced in an indictment that was filed in 2009.

The Van Elsen’s are accused of withholding IRA contributions from employee paychecks between January 2005 and September 2006, according to court papers. Van Elsen Consulting was an actuarial consulting firm that closed at the end of 2006. For a photo of James Van Elsen here is a link to the website of Van Elsen Consulting.

A sentencing date has not yet been set in the case, but both James and Beth Van Elsen could face up to five years in Federal prison and a fine on each count.