27Jan

Ranchers Have a Beef With $2.6 Mil. Embezzlement

The Oklahoma Beef Council has sued its former accounting and compliance manager to recover $2.6 million it says was embezzled. While no charges have been filed yet, a criminal investigation into the alleged embezzlement is on-going.

Starting in 2009, it is alleged that the former employee forged checks escalating in value until 2016 when over $550K was reportedly stolen. The loss was discovered after an audit. In the years immediately before the discovery, the stolen funds represented 9% or more of total revenues.

Click here for the full story.

Take Steps to Guard Against Crime

The following steps should be taken in any type of organization to help minimize and prevent fraud:

  • Annual audits are crucial. Catch the anomalies before they become financial catastrophes
  • Divide accounting duties so that the same person who is paying invoices is not writing checks or reconciling them
  • More frequent and thorough review of bank accounts and bank account reconciliations by non-involved parties
  • Leadership and non-accounting management need to review financials carefully and demand spot checks and periodic audits
  • Clear and concise accounting processes and procedures should be developed and reviewed by third party consultants/accountants and then scrupulously implemented

Before a Loss Occurs…

Make sure your clients have crime insurance. Trying to recover stolen funds from a perpetrator offers no guarantee of success. 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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P: 844.44.CRIME
info@berkleycrime.com
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