 He served until March 1921 receiving one-dollar salary in compensation, while handling, according to the New York Times, sums in excess of $50,000,000.On December 28, 1922, he was indicted by a federal grand jury on twelve counts of embezzlement through misappropriation of funds that he managed during his service as Director of the Bureau of Sales.George W. Storck, the Justice Department accountant, claimed that Guffey allegedly mishandled interest generated by the deposits of government funds in thirty-two banks while obtaining personal loans from the same banks.