Crooked Exec Ticked Off Firm

A former executive at Engelhard Corp. admitted Tuesday in federal court he stole $12.5 million from the industrial giant to amass a well-known collection of antique clocks.

Francis X. Vitale Jr. bought more than 140 rare clocks from European dealers using company funds and had them shipped to a shop he operated on the side.

More than 200 of his clocks, including one from the 18th century that brought $431,400, were sold at auctions in New York and London by Christie’s last year, raising over $7.2 million.

That money, along with the pending sale of Vitale’s home and other assets, will repay Engelhard’s insurance company, said Vitale’s lawyer. The company said insurance covered nearly all of the embezzlement.

“He’s had a passion for antique clocks over a period of 30 years, and it became a passion that interfered with his judgment,” said the lawyer, Justin P. Walder. “The wrongful conduct here is completely alien to his nature.”

Vitale issued a statement apologizing for the “misrepresentations and the illegal conduct that deceived my family, my former fellow workers and my government.”

Company officials said Vitale was fired as vice president of strategic development last year, days after an internal audit raised questions.

Vitale also operated Vitale & Vitale, a dealership and gallery for rare and antique clocks in Spring Lake, N.J., the wealthy oceanfront community where he lives.