CLARKSBURG, W.Va. – A former manager of ABB Construction, LLC, also known as Accelerated Construction Services, has admitted to stealing $3.5 million in company funds.

According to a release from United States Attorney William Ihlenfeld, 60-year-old Michael D. Allen, of Irwin, Pa., diverted company funds to himself. With the stolen money, Allen purchased a 5.19 carat diamond ring for $113,250, among other things.

The release said that Allen pleaded guilty in federal court to wire fraud and money laundering.

“When someone abuses a position of trust for personal financial gain, it can be crippling to individuals and to businesses,” said U.S. Attorney Ihlenfeld. “Because of this, we will continue to be aggressive in our pursuit of white-collar criminals like Mr. Allen.”

In addition to paying the money back, Allen could face up to 30 years in prison.