Ex-CFO at garage charged in $3.9 million theft

The former chief financial officer of a nonprofit that runs a garage in Golden Gate Park could serve more than 14 years in prison for allegedly embezzling more than $3.9 million from the agency, prosecutors said.

Greg Colley was fired in February after his bosses at the nonprofit, the Music Community Concourse Partnership, discovered that he had taken millions of dollars.

The embezzlement came to light when the contractor that built the underground garage called the nonprofit's director, Richard Bingham, to complain that he had not received a payment. When confronted, Colley told officials that he had played - and lost - the money in the stock market.

Prosecutors said that Colley impersonated two officers at the nonprofit to transfer money from the nonprofit's bank account to his personal account between 2006 and 2008. At an arraignment last week, he pleaded not guilty to embezzlement, money laundering and identity theft.

He was arrested in Salem, Ore. on Aug. 1 and was extradited to San Francisco several days later; he remains in jail with bail set at $1.5 million.

If convicted, Colley could spend nearly 15 years in prison, face a fine of $10,000 and be ordered to pay restitution.