March 20, 1999
Web posted at: 11:58 p.m. EST (0458 GMT)

RICHMOND, Virginia. (CNN) -- The controller of a computer consulting firm used $8 million to $12 million of her employer's money to buy jewelry, property, and cars, her lawyer acknowledges.

Mary Adams Collins, 31, signed a plea agreement saying she is guilty of federal bank fraud and money laundering and plans to make full restitution, said her attorney, Thomas Wolf.

Assistant U.S. Attorney James B. Comey said no court date had been set for Collins' plea and it is not known how much money will be recovered. She was not placed under arrest, he said.

Collins repeatedly embezzled from Halifax Technology Services Inc. in her position as the company's controller, according to a criminal complaint filed in U.S. District Court.

From April 1, 1996, to March 8, 1999, she allegedly wrote corporate checks to herself and others and used the stolen funds to buy luxuries.

Besides the property, jewelry and autombiles, Collins and her husband, Shawn, 44, owned diverse enterprises, including an ostrich farm.

In 1998, they bought a race-car team and began competing on the National Hot Rod Association stock car circuit.

Shawn Collins told the Richmond Times-Dispatch in an interview last year that he had sunk at least $1 million into the racing team, which had three cars and five full-time crew members.

Shawn Collins was not charged. He sold the team this month.

Officials of Halifax Technology reported the embezzlement to Henrico County police and the FBI about a week ago.

The American Stock Exchange halted trading on the firm's parent company, Alexandria-based Halifax Corp., on Wednesday after the fraud was discovered.

"This situation is obviously a distraction," said Frank Ostronic, Halifax Corp.'s vice president of corporate business development.

The Associated Press contributed to this report.

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