The former vice president of Tiffany & Co, Ingrid Lederhaas-Okun, has sold $1.3 million worth of jewelry, and pocketed the money for herself.

The jewelry director started to checkout jewelry from the store after finding a loophole in its policy. However, when she was later let go from the company due to restructuring, she was exposed and now has been arrested by the police for stealing the property that belonged to the company.

The 46-year-old Ingrid Lederhaas-Okun began to taking jewelry from the store since she became the Vice President in January 2011, officials claim. The 164 items of jewelry mainly came from the flagship store on Fifth Avenue.

A report detailed that the missing jewelry were comprised of "numerous diamond bracelets in 18-carot gold; diamond drop and hoop earrings in platinum or 18-carot gold; diamond rings in platinum; rings with precious stones in 18-carot gold; and platinum and diamond pendants."

Lederhaas-Okun, when confronted about the jewelry, she again betrayed her honesty and claimed that she left some of it at the company, and that others were lost and damaged. However, the investigation that lasted until Tuesday concluded that she had been selling these goods to an international dealer for more than $1.3 million.

The dealer had written checks to her and her husband ever since January 2011. The checks were in amounts up to $47,400 each. Lederhaas-Okun had signed purchase forms stating that the items were her own personal property.

In an effort to try to cover her tracks, the former vice president only stole items that were under $10,000 each. The company policy mandates a daily inventory for items that are worth more than $25,000 apiece.

If she is convicted, she can face 30 years in prison for wire fraud and interstate transportation of stolen property.

"[Ingrid Lederhaas-Okun's] arrest shows that no matter how privileged their position in a company, employees who steal will face the full consequences of the law," said Manhattan US Attorney Preet Bharara.