ST. PETERSBURG, Fla. (WFLA) -- The former CEO of a St. Petersburg-based company was arrested Monday after he was accused of embezzling over $191,000 in company funds.

A St. Pete police arrest report stated that Nirav Pandya, 49, altered invoices for Space Machine and Engineering Corporation and had the reimbursed money deposited into his personal bank account.

The arrest report said that Pandya claimed to have paid a $134,550 invoice using his own money and was reimbursed by the company. However, "evidence shows the invoice was not paid by the defendant," according to police.

"Original invoices show discrepancies and records show the defendant benefitted from the funds," the arrest report said.

Pandya was accused of using the money on private flights for his family, Tampa Bay Buccaneer

See Full Page