Forensic audit revealed over $1.3M was embezzled, could be more!
Visalia police arrested a former cemetery district manager on December 22nd after a lengthy investigation following a forensic audit that revealed over $1.3M embezzled.
The former district manager is being held on felony charges of grand theft and money laundering. Investigation continues and the total loss could be larger than initially suspected.
The cemetery district expects to recover some of the missing funds from an insurance policy it obtained.
Prevent This From Happening to YOU!
- Cash processes, manual or automated, designed to safeguard the asset, prevent, deter, and detect errors and fraud can reduce risk. Ensuring that receipts and disbursements are appropriately directed and recorded can help to minimize risks from error and fraud.
- Segregation of duties is a preventive and detective control. Division of responsibilities serves to cross-check the work of each function, thereby increasing the chance of detection, while reducing the change of concealment without collusion.
- Fraud perpetrators often display behavioral traits that can indicate the intention to commit fraud. Managers should take time to get to know their employees. Often, an attitude change can clue you in to a risk.
Make Sure Your Clients Take a Proactive Approach To Protecting Their Business Should a Loss Occur
Make sure your clients have crime insurance. Take the steps to ensure that your clients are covered by calling Berkley Crime.