Federal prosecutors are accusing three former executives of Minnesota-based Starkey Hearing Technologies of taking part in a conspiracy to embezzle more than $20 million from the hearing aid maker and its principal owner.
The indictment announced Wednesday charges former company President Jerry Ruzicka, two more former executives and two other men.
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According to the indictment, between 2006 and last September, the defendants conspired to embezzle and misappropriate money and business opportunities belonging to Starkey and Sonion, a major supplier of hearing aid components to Starkey.
Ruzicka's defense attorney, John Conard, says his client "has done nothing wrong."
Starkey is known for its foundation that hosts annual star-studded charity galas headlined by such celebrities as former presidents Bill Clinton and George W. Bush, Katy Perry and Elton John.