Ingrid Lederhaas-Okun sold $1.3m worth of jewellery as her own.
A former employee of Tiffany & Co has been arrested on fraud and stolen property charges in the US for allegedly stealing $1.3 million (£860,540) of jewellery from the company.
It is understood that Ingrid Lederhaas-Okun, a former vice-president of product development at Tiffany, could face 30 years imprisonment if she is found guilty of the charges.
In her role as product development vice-president Lederhaas-Okun took 165 pieces of jewellery off of company premises under the pretence of having them assessed to determine production costs.
Instead, over the three month period between November 2012 and February 2013, she reported the jewellery missing or damaged. It is alleged the jewellery was in fact sold to an international buyer for cash, with Lederhaas-Okun falsely claiming that she owned the articles.
According to the Financial Times, while Tiffany was not named in the federal criminal complaint concerning Lederhaas-Okun, a company spokesperson confirmed that she was a former employee but declined to comment further.
The jewels were found to be missing when Lederhaas-Okun left the company in February this year after 22 years as part of a downsizing program.