Aubrey Mervin Smart Jr., Former Coastal Bend College Business Manager Guilty of Embezzlement

Coastal Bend College’s former business manager, Aubrey Mervin Smart Jr., 61, has pleaded guilty to one count of embezzlement from an organization receiving federal funds, acting United States Attorney Tim Johnson announced today.

At a hearing before United States District Judge John D. Rainey, Smart admitted that while he was employed as the business manager at Coastal Bend College he stole more than $127,000 from the college’s general fund. Coastal Bend College is an organization which receives millions of dollars in grants and other aid from the United States Department of Education each year. These federal funds and other monies are deposited into the college’s general fund account. As the business manager and financial officer of Coastal Bend College, Smart had access to this general fund account. Between Feb. 4, 2008, and the discovery of the scheme on April 22, 2008, Smart used electronic fund transfers to move $127,541.85 from Coastal Bend College’s general fund account to a personal bank account under Smart’s control. A Corpus Christi grand jury returned a single count indictment on Oct. 8, 2008. Smart was arrested on Oct. 14 and released on a $50,000 unsecured bond the same day.

Smart faces up to 10 years imprisonment, a fine of up to $250,000 and up to three years of supervised release. Smart will also be required to pay full restitution. Sentencing is set for Feb. 12, 2009, at 1:15 p.m. Smart will remain on bond pending his sentencing hearing.