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.
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.
Experts focused on your protection.
Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued. Certain coverages may be provided through surplus lines insurance company subsidiaries of W. R. Berkley Corporation through licensed surplus lines brokers. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.
For additional information concerning W.R. Berkley Corporation’s insurance company subsidiaries, please visit: https://wrbc.info/Licensing/License.htm