03May

Former Auto Dealer Comptroller Gallops Off With $4.1M

Largest Single Embezzlement in County History

Using $4.1M she stole from a Buffalo, NY area car dealer over at least seven years, the former comptroller for the company paid for her expensive hobby of owning dressage horses as well as playing video games and purchasing other personal assets. There were no safeguards in place at the dealership group where she was considered a “trusted employee” after many years on the job. Only when she was on vacation was it discovered that there were discrepancies in unauthorized checks and transfers.

She has pleaded guilty to the charges and is facing a maximum of 25 years in jail plus restitution to the company.

Read the full story here.

There Is No Place in Business for A “Trusted Employee”

But there should be a place for an employee that has their status verified and audited on a regular basis. Personal relationships and interaction should not color what is a business relationship between employer and employee. Internal safeguards do not hinder business relationships but rather, enhance them to ensure a level, ethical playing field. 

Ensure that employees take vacations and have other people do their jobs and see their records. Conduct regular audits of all meaningful financial transactions. Make sure that other employees sign off or review transfers and sign larger checks.

Proactive protection of business assets from embezzlement and theft helps promote a healthy on-going concern that will benefit owners, shareholders and employees over the long term.

Make Sure Your Clients Take a Proactive Approach Protecting Their Business Should a Loss Occur

Make sure your clients have crime insurance. Take the steps to ensure that your clients are covered and call one of the Berkley Crime team members listed below.

Call Berkley Crime today, we’ll help you and your clients get the right coverage, quickly.

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National Practice Leader
Sean Missal
(860) 466-7377
smissal@berkleycrime.com

Mid-West Regional Mgr.
Michael Beranek
(501) 707-6548
mberanek@berkleycrime.com

East Regional Manager
Matt McNamara 
(212) 497-3707
mmcnamara@berkleycrime.com

Amanda VanCauwenberge 
(312) 730-1101
avancauwenberge@berkleycrime.com

Patricia Logan 
(212) 497-3708
plogan@berkleycrime.com

Thomas Trieloff
(312) 705-1132
ttrieloff@berkleycrime.com

Cheryl Yorio 
(860) 466-7379
cyorio@berkleycrime.com

Everton Barrington, FLMI
(860) 466-7376
ebarrington@berkleycrime.com

Alexander Doerflein 
(212) 497-3724
adoerflein@berkleycrime.com

West Regional Manager
Jennifer Maggi 
(213) 417-5467
jmaggi@berkleycrime.com

Adam Pardi 
(212) 497-3704
apardi@berkleycrime.com

 

Steve Nguyen 
(925) 472-8233
snguyen@berkleycrime.co

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