Minnesota Man Convicted in $4-Million Dollar Embezzlement Case

MINNEAPOLIS (AP) — A man convicted of embezzling more than $4 million from his philanthropist boss will remain free while he awaits sentencing.

A jury in federal court found John Waters Jr. guilty of 25 counts relating to the embezzlement of the late Gerard Cafesjian. The philanthropist and art collector had hired Waters to manage his charitable foundation and business affairs. The two had worked together at West Publishing, where Cafesjian was an executive and shareholder.

Prosecutors say Waters withdrew large amounts of cash from Cafesjian's bank account and hid it in accounts he controlled.

The St. Paul Pioneer Press (http://bit.ly/1jVBucD ) says Judge Ann Montgomery warned Waters Wednesday that there would be dire consequences if he tried to flee while awaiting sentencing.

Cafesjian died in September at the age of 88.